Is this possible?

Nins12345

I need your help please! We are currently on the market for offers over 100k (I am an estate agent) and the market at this end of the scale isn't moving. Our current mortgage is at 67k we have seen a prop we like which was on the market for 129k I was thinking offer of under 125k for stamp duty (its not on the market any more and hasnt been since sept but heard they still wish to move) we also have 6k in savings. Now how feasible would it be to rent ours out take some equity out and buy new house other half earns £21000 I earn £11000. He also does monile discos we only have one years accounts so we wouldnt be taken into consideration with this but typically he earnt 4k netnprofit last year.
We have a 2 bed semi in a sought after village rental figs would be between £450/475 realistically.
I will speak to a Ifa but wanted opinions on here first as I read on here all the time and there is always valuable advice.
Thanks

Nins12345

Either really tbh thanks

DannyboyMidlands

Ok so considering it's not worth £100k (or it would have sold) you might have around £30k in savings plus equity.

From that you need to pay for moving costs, deposit on the new place and deposit on the BTL.

I can't see that working. Certainly not sensible.

kingstreet

You'd need to remortgage the current property onto a BTL product. That probably means 75% LTV maximum. If you can't sell for £100k, that valuation doesn't sound too realistic. Let's say £90k, making 75% a shade over £67k.

Basically, you aren't going to raise any more than what you already owe.

It may be better to ask your current lender for consent to let.

Next, we have the deposit for the purchase. You'll need 10%, possibly more. Plus fees of course. You'll also need a lender willing to ignore your let in the background, unless your incomes are enough to cover both mortgages.

Up to you if this sounds feasible...

Nins12345

After consideration I think possibly reducing the price of ours to say 95k to get it gone quick would seem a more sensible thing to do. Thank u for everyone's comments much appreciated