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Sell or rent for now?
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tag30
Posts: 23 Forumite
Hello am hoping for a second opinion really - its a bit of a conundrum .....
me and my husband own our house and have decided to move out of london and down to kent. Therefore our house has just gone up for sale.
We are planning on renting for 6 months or so in the new area to get to know it and where we want to buy as well as come out of the chain.
However, i am now worrying that we wont manage to get a new mortgage due to these new tight lending criteria the banks have imposed. i am only going to have a 10 percent deposit by the time it comes to buy as i plan on clearing our debts and paying the penalty for leaving a 10 year fixed rate deal 2 years early (unless i complete prior to 10th June due to the recent rate increase which is cutting it fine)
im beginning to wonder if it might be better to rent out our house and rent in the new area. The problem that brings up is that if our house is empty for any period of time we would need to cover the mortgage. We could manage it, just, but not for any great length of time
Are 90 percent ltv mortgages really that hard to get these days?
thoughts much appreciated.
me and my husband own our house and have decided to move out of london and down to kent. Therefore our house has just gone up for sale.
We are planning on renting for 6 months or so in the new area to get to know it and where we want to buy as well as come out of the chain.
However, i am now worrying that we wont manage to get a new mortgage due to these new tight lending criteria the banks have imposed. i am only going to have a 10 percent deposit by the time it comes to buy as i plan on clearing our debts and paying the penalty for leaving a 10 year fixed rate deal 2 years early (unless i complete prior to 10th June due to the recent rate increase which is cutting it fine)
im beginning to wonder if it might be better to rent out our house and rent in the new area. The problem that brings up is that if our house is empty for any period of time we would need to cover the mortgage. We could manage it, just, but not for any great length of time
Are 90 percent ltv mortgages really that hard to get these days?
thoughts much appreciated.
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