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Mortgage query
andy1314
Posts: 30 Forumite
Hi all, looking for some advice and a steer in the right direction.....and I guess how realistic my hopes are.
I am currently in the process of moving, already have a house that I own and have paid 40% of the mortgage on with another. I'm now looking to buy on my own but swiftly. However, given the market the first property hasnt sold and doesnt look likely to for a while.
I've seen a property I would like to purchase at my new location, I can get a deposit though am loathe to use funds that would be then be tied into a second property. How realistic is it to try and get a mortgage for the second property in the current climate whilst spending minimum of my cash and who would be best to consider?
To put figures behind it all, property 1 is worth £185k, property 2 is worth £129k, I have access to c.£20k as deposit that is already freed up.
All help appreciated
I am currently in the process of moving, already have a house that I own and have paid 40% of the mortgage on with another. I'm now looking to buy on my own but swiftly. However, given the market the first property hasnt sold and doesnt look likely to for a while.
I've seen a property I would like to purchase at my new location, I can get a deposit though am loathe to use funds that would be then be tied into a second property. How realistic is it to try and get a mortgage for the second property in the current climate whilst spending minimum of my cash and who would be best to consider?
To put figures behind it all, property 1 is worth £185k, property 2 is worth £129k, I have access to c.£20k as deposit that is already freed up.
All help appreciated
0
Comments
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Can you summarise assets value, debt and income, not clear from the above.
House 1, mortgage
House 2, mortgage(your share)
House 3, mortgage(deposit 20k)
income.
Income from any of the houses?0 -
Hi,
sorry, maybe wasn't too obvious, I currently own one house (1) worth £185k with another person, 50/50 even split with 40% of the mortgage paid off. I want to buy another property (2) worth £129k and have a deposit of £20k, though am loathe to use all of it.
The £20k is my cash available, house 1 is on the market but not selling and I don't expect it to in the near future, so it's an asset but obviously cash tied up. Equally, the other party also has a 50% stake in it too. I currently have £4k debts aswell as the mortgage for property 1 which is £550 a month (£275 that I pay when split evenly between myself and other person).
Income is £31k a year, hope that helps and thanks for looking.0 -
getmore4less wrote: »Can you summarise assets value, debt and income, not clear from the above.
House 1, mortgage doesnt exist
House 2, mortgage(your share) 50% of £185k mortgage, paid 40% of it so far. Want to sell but not getting any interest.
House 3, mortgage(deposit 20k) worth £129k, want to buy now but obviously stuck in the chain with property above. have deposit of £20k
income.
Income from any of the houses?
Hopefully makes it simpler...hopefully:beer:0
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