Is this a possibility?

tightdave

Hi all,

Myself and my wife have been offered first refusal on a property that we are very interested in. Our dilemma is that we need to sell our existing property to raise the deposit!

We have spoken to a mortgage advisor who states that on our current incomes getting the mortgage we need would not be a problem, he also mentioned taking a consent to lease out on our existing property.

Our current mortgage is with the Halifax and we are on the SVR with an LTV of 78%. Would the Halifax allow us to increase our borrowing to say 90% and then provide us with consent to lease?

Rental income on similar properties in our cul-de-sac are £650 pcm and our current mortgage is £480p/m.

Any advise would be gratefully received.

Thanks,

Dave

opinions4u

Would the Halifax allow us to increase our borrowing to say 90% and then provide us with consent to lease?

Almost certainly not.

tightdave

opinions4u wrote: »

Almost certainly not.

Thought that would be the answer but wanted to get the opinion from others before I called them. Thanks for your quick response