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New house purchase
Svalbaard
Posts: 27 Forumite
Hi everyone. Not logged on for a long time so am not sure if this sort of question has been asked before.
I currently have £78k outstanding on a £90k mortgage, with approximately £105k total overall equity in the property - which I am looking to rent (as agreed with current lender). I am now looking to purchase a new property with my partner between the £400 - 450k band on which we can quite happily afford the repayments based on the initial enquiries we have made.
What we don't have though is a large enough deposit for the new place and were wondering (before we talk to our lender) if anyone in a similar situation has used the equity from one property to provide the deposit for another, bearing in mind I would like to stay with my current lender and keep my existing property as an ongoing investment? I.e is this a common practice and if so, are there any commonly understood guidelines, and have there been any issues along the way?
I know there are a lot of details to be sorted and am not looking for a complete solution from here, just a view as to whether this is something that modern financial institutions would entertain and any other information you may have.
Many thanks for your help in advance.
I currently have £78k outstanding on a £90k mortgage, with approximately £105k total overall equity in the property - which I am looking to rent (as agreed with current lender). I am now looking to purchase a new property with my partner between the £400 - 450k band on which we can quite happily afford the repayments based on the initial enquiries we have made.
What we don't have though is a large enough deposit for the new place and were wondering (before we talk to our lender) if anyone in a similar situation has used the equity from one property to provide the deposit for another, bearing in mind I would like to stay with my current lender and keep my existing property as an ongoing investment? I.e is this a common practice and if so, are there any commonly understood guidelines, and have there been any issues along the way?
I know there are a lot of details to be sorted and am not looking for a complete solution from here, just a view as to whether this is something that modern financial institutions would entertain and any other information you may have.
Many thanks for your help in advance.
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