Equity in 1st home to buy 2nd property?

cardiff_blue

I currently own my own property, is it possible to remortage this and buy a 2nd property?

_Andy_

Yes depending on your circumstances.

cardiff_blue

thanks, been thinking of buying second property as both myself and wife in employment.

herbiesjp

is there any mortgage on the 1st property?

cardiff_blue

hi,

no mortgage on 1st property

have £10,000 worth of loan unsecured loan though.

new house be around £90,000 to £100,000 mark. is it possible to borrow more than the cost of the new house , so will have money to do this up?

my wife and i combined yearly salary is around £25,000 (net)

is this viable?

herbiesjp

What is the value of property1?

cardiff_blue

approx £140,000

herbiesjp

Borrowing around 100k against a property worth £140k would be fine

Income is fine, as lenders use gross income.

So you can buy property two outright, by raising the funds from property1

herbiesjp

justjohn wrote: »

Our brocker told us not too tell mortgage provider we were releasing equity from 1st property to purchase a second property...can't remember why now...

There is no problem with most lenders in raising funds against one property to buy another property.

So not sure why you would have been told that

justjohn

herbiesjp wrote: »

There is no problem with most lenders in raising funds against one property to buy another property.

So not sure why you would have been told that

Cant remember could be cause it was part commercial or fact we were doing it up for a rental.

herbiesjp

If your situation is different to the OPs then that will be why then