Can I get another mortgage?

rainshard

I currently own 2 propertys bought when I was fortunate to be earning a very decent income.

in the past few years however my income has dropped dramatically. Fortunatly I was sensible enough to put money in the right places and have always been able to make payments without a problem and can continue doing so for the forseeable future.

I live in one property I on and rent the other out. The rented property covers the mortgage repayments comfortably with a modest profit each month (around £50)

The one I live in costs me about £600 pcm.

Both propertys curently owe me about £30k equity so in total my equity is about 220k.

I would like to buy another property to move into and rent out my current property which should generate me a profit of about £200 pcm.

Am I barking up the wrong tree looking to buy another?

I would be looking to buy a property to live in without having to sell any of my current propertys - but it could be an option.

currently my income is below 20k a year but I have about 70k cash savings.

what are my options?

propertys I own;

1 - 1 bed flat - value- approx 180k - currently rented
2 - 1 bed flat - value approx 195k - I live in

dimbo61

£180k + £195K= £375K equity plus £70K in savings
What are the 2 mortgage ? have you got the rental property on a BTL mortgage (equity)
Can you get consent to let from your existing lender to rent out the place you live in ? ( equity)
What price is the new place you want to buy?
This is complex and needs a "whole of market mortgage broker" who deals in BTL mortgages

shortchanged_2

dimbo61 wrote: »

£180k + £195K= £375K equity plus £70K in savings
What are the 2 mortgage ? have you got the rental property on a BTL mortgage (equity)
Can you get consent to let from your existing lender to rent out the place you live in ? ( equity)
What price is the new place you want to buy?
This is complex and needs a "whole of market mortgage broker" who deals in BTL mortgages

But if he doesn't own the properties outright you can't say he has £375K equity as the OP would only have the profit (or loss) from any sale minus any mortgage debt.