Mortgage advice needed

Peter_Edmonds

Hi, I am 40 years old and own a £350.000 house that I owe around £100.000, I am self employed and rent a unit for £600.00 per month.
I have found a property with a unit adjacent to the house, this property is currently on the market for £235.000.
Should I sell my house? or release the equity and buy the other property?

I have been advised to rent my current property, borrow to buy new property thus saving me the £600.00 per month unit rental, my current property would rent for around £1000.00 p/m my 100k mortgage is £545.00 pm.

Who would be the best company to take care of the required mortgage (if this is the best option) ?

My other option is to invest £100.000 into a new business, sell my house for £350.000, pay off mortgage leaving me with £250.000, put £150.000 into new property and borrow £85.000 leaving me with £100.000 to invest.
Is there a company that will do loans of this type? In an ideal world I would like to buy new property now before its sold as my house is not on the market yet.

Thanks in advance

Pete

Conrad

There are spacialist companies for this but you need to decided in your own mind which course is best for you - no one on the Earth could tell you - it's very personal and particular to your day to day needs. It's like asking what sort of holiday should I choose - impossible to answer without getting inside anothers brain!

Good luck

lyndasharp

Have you considered selling your current house, giving you £250k which would be enough to buy the new house with a unit for your business outright? No mortgage, no unit rental, and a few thousand to spare for moving costs etc.