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Mortgage Experts::: Is this possible??

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  • prosaver
    prosaver Posts: 7,026 Forumite
    Part of the Furniture Combo Breaker
    katrina1979 wrote: »
    Looking for a bit of advice. I earn £25k per year, have a current mortgage of £58k house now valued £72k.

    I work in the Financial Services therefor can borrow 4x my Salary. I have seen another house for £55k i would like to buy and live in whilst i rent my other house out to cover the mortgage which is £269 per month. I could rent this house out for £380 pcm.

    Is this senario possible. Dont want to ask my colleagues as yet as early days and the walls have ears where i live lol:rotfl:
    you would make more money putting a extension on the house.
    “Life isn't about finding yourself. Life is about creating yourself.”
    ― George Bernard Shaw
  • katrina1979
    katrina1979 Posts: 38 Forumite
    Part of the Furniture Combo Breaker
    prosaver wrote: »
    you would make more money putting a extension on the house.

    I certainly have been thinking about this also. I have been thinking all week end, may be biting of more than i can chew. I am always very cautious with money maybe too cautious at times:D
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