Can I get a 2nd mortgage if have deposit but in negative equity with first house.

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Our house at the moment is in negative equity. We have no problems paying mortgage and will have at least a 10% deposit savings for another house by next June.
We don't want to put that money into this house as we feel we have put enough into a house that we really aren't happy in. In fact we can't wait to get out of it! We would plan to rent this out.
If we have the depost and money for fees etc, would it be possible to get another mortgage for another house or site so we could build?
We don't want to put that money into this house as we feel we have put enough into a house that we really aren't happy in. In fact we can't wait to get out of it! We would plan to rent this out.
If we have the depost and money for fees etc, would it be possible to get another mortgage for another house or site so we could build?
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I guess you'll just have to speak to your lender and see what they say, you'd also have to pass affordability tests for the new mortgage and demonstrate that you can afford to pay both sets of repayments should the NE property be empty for periods or you have non-paying problem tenants.
I sympathise, but I think it might be a long shot. Would it not be better to throw your savings at overpaying your current mortgage to get the equity up, then move in a few years when it will be easier?
It's not really a case of "not wanting to put money into [your existing] house" - you already did that when you bought it. Your net position is the same regardless of whether you overpay your mortgage or keep your savings in a separate account.
We both dislike the house (soundproofing terrible), dislike area (all Housing executive) - we didn't know either of this before we bought (Our own fault I know)
It really depresses me to think we've already been here for 3 yrs and to spend another 3 or 4 deeply unhappy is really worrying.
We pay £775 per month at moment between the 2 of us. I take home £1700 total, my husband about £1200 -£1500 per month.
We wouldn't do anything until we know what sort of fixed rate we will get from lender when our deal is up next June.
Going back to if we could get a 2nd mortgage, does anyone know if this would be possible?
What do they rent for?
Then what can you net after costs?
(renting out a house is not as cheap as it used to be)
Thats the staring point anything is speculation without the facts.