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can this be done?
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tetley
Posts: 104 Forumite
hi all.i dont want to go to a mortage adviser just yet,the last one must have sold on my details cos we were plagued with calls for about two months after.
now onto the problem.
i have a house on the market for £150,000,the outstanding mortage is £36,000.we have credit card debt of £4000 (limit is £15000 ) i earn £30,000 a year before tax,my wife is self employed so pays very little tax ( but earns an average wage ) :-).
we have found a house we would like to buy for £205,000.seeing that the housing market is slow at the moment,could we rent this out ( for about £450pm ) and get a 100/90% interest only mortage on the new one ( about £800 pm ) ?.or could we get a mortage for £245,000 and pay of the £36,000,which is about £1100pm.my bank lloydstsb said the would lend me 5x with no problems due to the level of equity and my good standing with the bank.there was a possiblity of more but it would involve a credit search,something i dont want to do at this time if i have to approach a lot of lenders.
so its over to you lot.
can it be done and how ?
now onto the problem.
i have a house on the market for £150,000,the outstanding mortage is £36,000.we have credit card debt of £4000 (limit is £15000 ) i earn £30,000 a year before tax,my wife is self employed so pays very little tax ( but earns an average wage ) :-).
we have found a house we would like to buy for £205,000.seeing that the housing market is slow at the moment,could we rent this out ( for about £450pm ) and get a 100/90% interest only mortage on the new one ( about £800 pm ) ?.or could we get a mortage for £245,000 and pay of the £36,000,which is about £1100pm.my bank lloydstsb said the would lend me 5x with no problems due to the level of equity and my good standing with the bank.there was a possiblity of more but it would involve a credit search,something i dont want to do at this time if i have to approach a lot of lenders.
so its over to you lot.
can it be done and how ?
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