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Funding second property with current home?
51mm5
Posts: 177 Forumite
I currently live in a mortgage free property worth around £300k with my wife and no kids. We both work bringing in just over 50k a year before tax. Our credit rating is okay would be better if when we pay existing debts of around 20k (loan and credit cards).
We wanted to buy a second home to live in for around £300k and rent out our existing home which should hopefully pay the mortgage on the new home. The only problem would be to raise the deposit for a mortgage for another home. Is it possible to raise the deposit by re-mortgaging existing home? Or is there another way purchase another home? We wanted to sit down with an independent advisor to run through the details but not sure if that should be a mortgage broker or a financial advisor?
I would be grateful for any pointers.:)
We wanted to buy a second home to live in for around £300k and rent out our existing home which should hopefully pay the mortgage on the new home. The only problem would be to raise the deposit for a mortgage for another home. Is it possible to raise the deposit by re-mortgaging existing home? Or is there another way purchase another home? We wanted to sit down with an independent advisor to run through the details but not sure if that should be a mortgage broker or a financial advisor?
I would be grateful for any pointers.:)
0
Comments
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Technically yes you can subject to everything fitting.
Not all lenders will do the mortgages you need so you need to see a mortgage broker.I 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
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