It's complicated!

lou2003uk

Ok here goes would like to know if anyone has any experience of this or thinks its possible. Me and parter both earn about 25k a year.

I have house I own bought for £110k 5 years ago mortgage currently at £81k property has been rented out for 2 years now for £600 when the mortgage is only £340.

House we live in is my partners bought 2 years ago for £135k mortgage is for £80k .

We've seen a house we would like to purchase together for about £125k it's came out the blue so no deposit , we would be purchasing together .

Looking to take equity out the flat we're in just now maybe 10k to put down on the new house.

Any ideas if this is possible or any other suggestions? If possible do we are the £ out the flat first then apply for mortgage together? Or the other way round?

Thanks

Dave_Ham

I would fancy a solution here, although will be down to the details and specifically the exact valuation.

Have a chat formally with a recommended mortgage broker and see what may be available..

I would certainy not rule this out though

ACG

You would need a minimum of £12,500 if the purchase price is £125k, plus stamp duty, fees etc etc.

Whether your existing lender would allow you to do it or not is another matter.

You may need to get a BTL mortgage on one of the properties typically a maximum of 75-80% of the property value is the maximum this should hopefully allow you to do what you want.

Probably one for a broker, nothing to say you cant do this yourself but to make it as quick and simple as possible it might be the best way to go.

lou2003uk

Sorry I probably should of said the mortgage on the house I own and rent already is buy to let and the flat we live in when we remortgage to release equity would be changed to a buy to let.

We would put 10% = £12,500 down on the new house together . Taking 10 out the current property and paying the rest ourselves. We have no debt at all between us , no credit cards, car finance nothing.

ACG

It should be fine then, but its worth just double checking as at 90% not all lenders would be interested in taking this on or speak to a broker and let them do the donkey work.