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What is the best mortgage for my situation?
TRBob
Posts: 34 Forumite
I am currently back living with my parents and I would like to buy a house (around £100K) to live in so that I can move out.
I already outright own a house (around £100K in value) which I rent out to a tenant, I want to keep things this way (i.e. not ask the tenant to move out so that I can move in).
I am self employed and have the income from my property, (£23K before tax). I have £5K savings for a deposit and the opportunity to borrow more from family.
I would like to get a mortgage that utilises the equity in my house as well as being based on earnings.
I've already spoken to Lloyds TSB about mortgages, however they wouldn't offer me a mortgage based on the equity that is in my house unless the total income from it is in excess of £35K per year (which it isn't).
Any thoughts/advice?
Thanks
I already outright own a house (around £100K in value) which I rent out to a tenant, I want to keep things this way (i.e. not ask the tenant to move out so that I can move in).
I am self employed and have the income from my property, (£23K before tax). I have £5K savings for a deposit and the opportunity to borrow more from family.
I would like to get a mortgage that utilises the equity in my house as well as being based on earnings.
I've already spoken to Lloyds TSB about mortgages, however they wouldn't offer me a mortgage based on the equity that is in my house unless the total income from it is in excess of £35K per year (which it isn't).
Any thoughts/advice?
Thanks
0
Comments
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If you don't wish to sell the other property.
Save hard for a few months while your outgoings are low and increase the size of your deposit.0 -
Remortgage the tenanted property on to a Buy to Let in order to raise a substantial deposit for the residential purchase. You could then look to arrange a small mortgage to complete the purchase (assuming criteria is met)
What are your earnings from self employment and how many years accounts do you have?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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