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Moving up
gupsta
Posts: 5 Forumite
I would like to move up the property ladder and I am currently trying to workout the options available to me.
My current property is presumable worth around 85-95K in the current climate and has about 55K owing. Rather than trying to sell the property, I thought I might request permission from my mortgage provider to rent the property out for x years by which point the property market may (or not) have recovered and I would be in a better (or worse) position to sell.
In the meantime I would be looking for a second property of around £130k with about £25k savings and £105K mortgage.
I earn 35K gross and whilst I am sure I could afford this, I am not sure if any mortgage providers would lend to me. My credit rating is good and I only defalted once by accident on my mortgage about 6 years ago. I don't have any other debts.
My questions are around getting another mortgage. Would it be classed as a 2nd mortgage ? Would my current mortgage reduce the amount I could get ? Would I need a specialist mortgage or could I take one of the mainstream deals ?
I don't know alot about mortgages and how they are underwriten.
My current property is presumable worth around 85-95K in the current climate and has about 55K owing. Rather than trying to sell the property, I thought I might request permission from my mortgage provider to rent the property out for x years by which point the property market may (or not) have recovered and I would be in a better (or worse) position to sell.
In the meantime I would be looking for a second property of around £130k with about £25k savings and £105K mortgage.
I earn 35K gross and whilst I am sure I could afford this, I am not sure if any mortgage providers would lend to me. My credit rating is good and I only defalted once by accident on my mortgage about 6 years ago. I don't have any other debts.
My questions are around getting another mortgage. Would it be classed as a 2nd mortgage ? Would my current mortgage reduce the amount I could get ? Would I need a specialist mortgage or could I take one of the mainstream deals ?
I don't know alot about mortgages and how they are underwriten.
0
Comments
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Do you fully understand the implications of being a landlord? All the risks and responsibilities that go with being one.
Does your existing lender allow CTL and if so under what terms?0
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