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Can we get another mortgage
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bev.underwood
Posts: 1 Newbie
Hi
We currently have 5 mortgages - 4 BTL (2 X 50% shares and 2 x 100% ours) the total amount is about 345k on properties worth about 450K.
We want to buy another property and rent out the one we live in consequently we need about another £110k. Joint salaries around 51K.
What do you think our chances are and who should we go to as this needs to be done quickly as it's an auction property on 3/3/11.
We currently have 5 mortgages - 4 BTL (2 X 50% shares and 2 x 100% ours) the total amount is about 345k on properties worth about 450K.
We want to buy another property and rent out the one we live in consequently we need about another £110k. Joint salaries around 51K.
What do you think our chances are and who should we go to as this needs to be done quickly as it's an auction property on 3/3/11.
0
Comments
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I smell a rat!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
As you already have 5 mortgages I would have thought you would be able to go on auto-pilot to your independent financial advisor! In fact, I'm surprised he's not on speed dial!
You currently have mortgages totalling approx 8 times your joint income, which I think means the answer is no.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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