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Mortgage Advice Please.
SantanderStink
Posts: 9 Forumite
Hi everyone.
We are looking for a bit of advice with regards to a mortgage. application.
We own 2 houses currently, one was our home that we have rented out due to a relocation( house 1), and the second is a rental for my wife's pension fund (house 2).
We're currently in rented property and are looking to buy after working out what area we wanted to live. We have seen a house we like and we would need to borrow 3.5 x joint income with a 10% deposit.
We have the funds to pay the 10% and do have access to more but have 0% cards and a 13k loan that offset these.
What I would like to know is would we be better paying off the loan and cards and having a 10% deposit or keep them and pay them off when we sell house 1 early next year. (We are aware of the market and will sell at a realistic price to release the capital we have in there). This would give us a 15% deposit and lower rates but would possibly make us less likely to get another mortgage.
Joint earnings to not take in to account rental income from both houses, house 1 covers costs, house 2 gives £200 extra.
Thanks.
We are looking for a bit of advice with regards to a mortgage. application.
We own 2 houses currently, one was our home that we have rented out due to a relocation( house 1), and the second is a rental for my wife's pension fund (house 2).
We're currently in rented property and are looking to buy after working out what area we wanted to live. We have seen a house we like and we would need to borrow 3.5 x joint income with a 10% deposit.
We have the funds to pay the 10% and do have access to more but have 0% cards and a 13k loan that offset these.
What I would like to know is would we be better paying off the loan and cards and having a 10% deposit or keep them and pay them off when we sell house 1 early next year. (We are aware of the market and will sell at a realistic price to release the capital we have in there). This would give us a 15% deposit and lower rates but would possibly make us less likely to get another mortgage.
Joint earnings to not take in to account rental income from both houses, house 1 covers costs, house 2 gives £200 extra.
Thanks.
0
Comments
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Does anyone have any advice?0
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Who is your current lender ?
whats the equity in both properties ?
Does the rental income cover the mortgage costs? Interest only or repayment?
Consent to let on property one ?
How long have you been renting out your properties ? CGT !!! after 3 years of renting
Time to see a "whole of market" broker who deals in BTL0
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