Bit complicated

topsales

I would like to move to be closer to my elderly mother but like most would have great difficulty selling in the current climate. My house is worth about £125000 with £10000 outstanding on the mortgage. I am 61 , with State and private pensions totalling about £10000 per annum. I also work on a self employed basis earning about £10000 per annum. What would be my chances of a Let to Buy mortage on current property and a mortgage on a new property worth about £140000? Thanks for any help!

Dave_Ham

Subject to unknown variables, this looks achievable...

You are likely to require a broker to package this though as age and income type will be hurdles..

ACG

No chance - you wont be able to borrow more than your house is worth.

But to do what you want - ie move is possible...

You say your reluctant to sell in the current climate - but your selling at a bad time and buying at a good time so surely it evens itself out?

Financially speaking, what you want is achievable it might be a case of getting a partial mortgage on your existing property and a partial mortgage on a new property but i think for ease it would be an idea to sell up and buy with a new small mortgage on the new property.

Dave_Ham

ACG wrote: »

No chance - you wont be able to borrow more than your house is worth.

But to do what you want - ie move is possible...

You say your reluctant to sell in the current climate - but your selling at a bad time and buying at a good time so surely it evens itself out?

Financially speaking, what you want is achievable it might be a case of getting a partial mortgage on your existing property and a partial mortgage on a new property but i think for ease it would be an idea to sell up and buy with a new small mortgage on the new property.

I reckon one of us read this wrong..

Only 10k mortgage, so raise some let to buy and remainder as a mortgage on new one???

May have missed something??

ACG

Dave_Ham wrote: »

I reckon one of us read this wrong..

Only 10k mortgage, so raise some let to buy and remainder as a mortgage on new one???

May have missed something??

nope, my fault. I missed the "and a mortgage on a new property"

So to the OP - ignore my post. I will go and hang my head in shame or stand in the corner.
What your after is achievable.

topsales

Thanks ACG - not so much reluctant to sell as being realistic about the possibility. House nearby (same as mine) been on the market for months. Dave ham - do you really think a broker could acheive this for me? If £140000 seems to much, what would I realistically be looking at as a possible purchase price?

topsales

And what are the 'unknown variables'?

Dave_Ham

Sorry, considerations are:

• How income is derived?
• Breakdown of any other credit commitments
• Strength of credit score

I hate throwing around numbers, lenders and specific guidance as not good practice..


Ordinarily we would undertake a full fact find and then offer advice..


Broadly speaking your numbers are definitely doable as you could raise an additional £60k ish on current property and put towards new one..


Hope this helps