95% LTV Mortgages HELP!!!

dunc1n_2

Hi folks, Ive got a question that I am hoping you guys can help me with.

I am looking to buy new house so I have been looking at mortgages BUT heres the thing. I already own a flat that I rent out to somebody (I live with my girlfiend in her rented flat), so that means I am not a first time buyer AND I am not wanting to sell this flat, so that puts me out of any deals that involve the "moving house" deals. This puts me somewhere in the middle which there seems to be no deals for?!?!

What I would really like is a 95% LTV mortgage. The house I am looking to buy is 250'000 and i can afford a 5% deposit but not really a 10% deposit.

Can anybody point me in the right direction as to where to look for this?? OR just help me with this situation in any way i.e. ideas how to get round this.

Thanks in adavance folks

Dunc1n

ACG

How much collateral is in the house you rent out?

Could you take some of it out to boost your deposit? The reason i ask is that 95% mortgages are few and far between. Ive never applied for one but i imagine theyre like gold dust to get.

Thrugelmir

dunc1n wrote: »

AND I am not wanting to sell this flat,

Why not?

..

dunc1n_2

Hey guys, thanks for the replies.

The reason i dont want to sell this flat is because i want to use it as second pension type thing in the future.

What do u mean by how much collateral is in the flat? Sorry, im not too clued up the whole mortgage/property lingo.
The flat is worth 110k and i have 55k left to pay on the mortgage. Is there anything i can do with this?

Thanks again

ACG

You could increase the mortgage on the rented property to around £80k, that should give you around £20k to put down on a new property. That would give you more than 10% and maybe a 15% deposit.

Obviously we dont know all of your circumstances so we cant say whether it would or wouldnt go ahead but on the face of it, it seems like an option.