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Buying a second house with a mortgage

uptomyeyeballs
uptomyeyeballs Posts: 575 Forumite
in Mortgages & endowments
I want to move house, but not sell or rent my existing one for maybe 4-6 months until the new one is ready. My existing balance is £58k (no equity) and the new house is going to need around £80k. I earn £34k gross. Will i be able to have £138k total mortgage on that salary?

Comments

  • mrginge
    mrginge Posts: 4,843 Forumite
    Where is your deposit coming from?
  • uptomyeyeballs
    uptomyeyeballs Posts: 575 Forumite
    mrginge wrote: »
    Where is your deposit coming from?

    I'll be ok raising the deposit, just wondering if borrowing that kind of amount is unrealistic or not against my salary. The numbers quoted were already taking a deposit into account.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ensure any prospective lender will lend sufficient as many restrict Loan to Value for second properties.
    I am a Mortgage Adviser
    You 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.
  • uptomyeyeballs
    uptomyeyeballs Posts: 575 Forumite
    After 2 years i'll be taking retirement and paying off the new mortgage loan with my lump sum due, and by then the old propoerty will be rented out, so only a short term thing really.
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