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Collatrel loan for new property?

sachsboy
sachsboy Posts: 9 Forumite
in House buying, renting & selling
Does anybody know if we can we take out a mortgage/loan using our current paid for property as collateral? We want to buy another house for about the same value as our current house. Our house is worth £200k, we are in our sixties and retired. Joint income is approximately £18k, we have some savings.

Is this a good or bad idea. Any comments would be welcome.

Regards

Sachsboy

Comments

  • bris
    bris Posts: 10,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Very difficult now unless you go to one of the very expensive high risk lenders. You are in your sixties with just 18k income, this is not enough to pay for two homes. Enjoy your retirement and don't risk it all for very little reward.
  • sonastin
    sonastin Posts: 3,210 Forumite
    Is the plan to rent out your current home or are you looking for a holiday place? BTL might be more feasible but you still don't look like a good risk from a lender's point of view
  • sachsboy
    sachsboy Posts: 9 Forumite
    We are just wanting to sell our current home and buy a new one but we are having difficulty selling. If we couldn't sell we would rent it out.
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