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Mortgage on low income
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doughnut-gal
Posts: 12 Forumite
I am trying to release equity in my house which is mortgage free (worth approx £378000) of about 100k but my income is low £18000 per year which I get from rent on another house I own worth approx £350000 also mortgage free - any ideas of where I can try - because of my income nobody wants to touch me I would prefer interest only to keep costs down and would be looking to pay off hopefully in about 5 years when I can sell the house I rent out. An advice would be appreciated.
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Comments
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Given your equity there will definitely be a solution. I would suggest you engage a broker as the cost of the solution will differ depending upon the skill of the broker.
You will definitely be able to achieve this, subject to the unknown variables.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Why not raise the funds on the rental property? Interest only not going to be an issue on that one and as an existing landlord there are more options with the low income.
What are the funds for?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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