We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Against Equity from Another House - possible?
meclive
Posts: 482 Forumite
Hi all, I hope you can give me some advice.
I currently own a home valued at £155,000 with a £50k motgage. This is rented out and the rent more than covers the mortgage payments.
I have now been offered the chance to buy another house (that I would occupy with my girlfriend). The house is valued at £130,000 but I would be buying it for £110,000, the house does need a few minor improvements.
Me and my girlfriend earn about £40k between us and we could probably get together about 10k for a deposit. What would be the best way we could get a second mortgage for around £110,000 (bit extra for house improvements)? Could I put up the £100k equity from my first house as a sweetner? any advice greatly received. Thanks.
I currently own a home valued at £155,000 with a £50k motgage. This is rented out and the rent more than covers the mortgage payments.
I have now been offered the chance to buy another house (that I would occupy with my girlfriend). The house is valued at £130,000 but I would be buying it for £110,000, the house does need a few minor improvements.
Me and my girlfriend earn about £40k between us and we could probably get together about 10k for a deposit. What would be the best way we could get a second mortgage for around £110,000 (bit extra for house improvements)? Could I put up the £100k equity from my first house as a sweetner? any advice greatly received. Thanks.
0
Comments
-
You could raise some funds from the first property in order to put down as a bigger deposit on the second proeprtyI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards