Advice needed please

showders

Hi

Ill explain what im trying to achieve and if someone could recomended a good option for me, it might send me in the right direction.

I already have a mortgage on my own but have a opportunity to purchase a 2nd house at a heavily discounted price. My idea was to buy this 2nd house with my partner and then re-sell as soon as possible, in theory, leaving me with a nice lump sum. The mortgage cost would be easily within mine and my partners budget.

Obviously we would hope to sell the 2nd house as quickly as possible to limit payments, so would like a mortgage that wont heavily punish us if we cleared the debt very quickly.

Does this idea even sound plausable or will I struggle getting a mortgage to suit my needs?

Thanks for any advice!

JoeK_3

showders wrote: »

Hi

Ill explain what im trying to achieve and if someone could recomended a good option for me, it might send me in the right direction.

I already have a mortgage on my own but have a opportunity to purchase a 2nd house at a heavily discounted price. My idea was to buy this 2nd house with my partner and then re-sell as soon as possible, in theory, leaving me with a nice lump sum. The mortgage cost would be easily within mine and my partners budget.

Obviously we would hope to sell the 2nd house as quickly as possible to limit payments, so would like a mortgage that wont heavily punish us if we cleared the debt very quickly.

Does this idea even sound plausable or will I struggle getting a mortgage to suit my needs?

Thanks for any advice!

It is possible if your income is sufficient.

Would you like to enlighten us with each property value, loans required and your incomes.

JoeK

showders

my income is £23500 my partners is 20000.

I currently have a mortgage with 17 years left, owing £50000 on a house valued at £85000.

the property we are looking to buy would cost us £115000.

we would not have a deposit readily available

thanks

herbiesjp

This does look do-able as long as you have got good credit history and no other debts in the background.

However you would need a deposit in order to purchase as a second property based on your joint incomes

Could you raise that on your current mortgage?

MortgageMamma

Who are you buying the second property off? a family member?

Dependent upon your credit ratings there are lenders who would be willing to accept an unlimited family gifted deposit, and you could opt for a mortgage with no tie ins - obviously you will have to consider fee's for this transaction, application fee, valuation fee and any legal fees and you MAY be eligible to pay CGT as its a second property you are selling - I'm not an expert on tax laws by any means so do check this with a qualified accountant

showders

The property belongs to my boss, who has agreed to purchase a new build. The housing company is now selling my bosses house well below the market value.

JoeK_3

showders wrote: »

The property belongs to my boss, who has agreed to purchase a new build. The housing company is now selling my bosses house well below the market value.

You could do this with a vendors deposit scheme or even without a deposit.

You need a lender that offers a flexible mortgage and one the will offer to lend you four times joint income.

JoeK

Mr_helpful

Should be quite easy with a few lenders that dont mind a gifted deposit