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Mortgage on new house
ciara1504
Posts: 15 Forumite
Hi I wonder can anyone help me.
My husband and I currently have a mortgage on our own house but it is a shared equity mortgage with us owning 75%.
We are keen to move house this year but to keep our current house and to rent it out. Does anyone know what we need to do to make this happen?
My current salary is £34k and my husband is on £20k.
Our current mortgage payment is only £420 per month and we are looking to buy a new property at approx £90k with £15 deposit.
Any advice would be greatly appreciated, many thanks
My husband and I currently have a mortgage on our own house but it is a shared equity mortgage with us owning 75%.
We are keen to move house this year but to keep our current house and to rent it out. Does anyone know what we need to do to make this happen?
My current salary is £34k and my husband is on £20k.
Our current mortgage payment is only £420 per month and we are looking to buy a new property at approx £90k with £15 deposit.
Any advice would be greatly appreciated, many thanks
0
Comments
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You need to seek consent to let from your mortgage lender and the second charge holder.
Permission may or may not be granted, subject to a fee, a higher rate, or both.
Then, you need a lender for the new mortgage which "ignores" a let property/mortgage, otherwise the cost of the current mortgage will be taken off what you can borrow for the new one.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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