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Buying a Second Property
Mele
Posts: 7 Forumite
Hi I was hoping somebody could give me some advice regarding buying a second property.
I currently earn a salary of approx £27,000 p.a and have a mortgage remaining of £53,000. My parents currently live with me and I am considering buying a second property for myself to live. I have been told I can get a mortgage up to £185,000. I would be able to put 25% towards this total from savings. I am concenred about over-stretching myself financially and what the implications could have on my parents if I failed to keep up with my mortgage payments.
I suppose Im after people who are willing to share their experiences from similar scenarios and what pitfalls I should be aware of.
I would also be interested to hear of any other alternatives I should consider.
Thanks
I currently earn a salary of approx £27,000 p.a and have a mortgage remaining of £53,000. My parents currently live with me and I am considering buying a second property for myself to live. I have been told I can get a mortgage up to £185,000. I would be able to put 25% towards this total from savings. I am concenred about over-stretching myself financially and what the implications could have on my parents if I failed to keep up with my mortgage payments.
I suppose Im after people who are willing to share their experiences from similar scenarios and what pitfalls I should be aware of.
I would also be interested to hear of any other alternatives I should consider.
Thanks
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