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Need finance for a purchase and renovation - does my situation make this possible?
fusar
Posts: 151 Forumite
Hello,
I would like to buy a property that I have seen at auction. I was wondering if anyone could advise on the best possible route to raise the required capital (80k).
At the moment I have a flat in London which I rent out. The rent each month covers the mortgage of £92,000 that I have on it. The flat is probably worth about £110,000.
I also have a mortgage-free house that we currently live in, that has been valued at £130,000.
It is time for me to re-mortgage the flat in London, so I thought that I could probably get some equity out too? My husband and I have a combined earning of about £39,000.
Does anyone have any suggestions on what I can do or know of any limitations? I do have an outstanding loan of £10,000, which will probably be taken into consideration, but that is as far as our debt goes apart from the mortgage.
Any advise would be great! Thank-you.
Sarah
I would like to buy a property that I have seen at auction. I was wondering if anyone could advise on the best possible route to raise the required capital (80k).
At the moment I have a flat in London which I rent out. The rent each month covers the mortgage of £92,000 that I have on it. The flat is probably worth about £110,000.
I also have a mortgage-free house that we currently live in, that has been valued at £130,000.
It is time for me to re-mortgage the flat in London, so I thought that I could probably get some equity out too? My husband and I have a combined earning of about £39,000.
Does anyone have any suggestions on what I can do or know of any limitations? I do have an outstanding loan of £10,000, which will probably be taken into consideration, but that is as far as our debt goes apart from the mortgage.
Any advise would be great! Thank-you.
Sarah
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