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1517sharps

Hi guys after some advice please.

We are looking at relocating but want to keep our current homes and buy our next property at the same time. Whats the best way to make this achievable.

House we wish to buy is £240k
We have £24k in savings (10%)

We own an house valued at £100k with £50k still to pay on current Mortgage (Therefore £50k in equity) - We are looking to rent this out.

I also own another house worth £60k, owned outright with Gran living there indefinitely.

We have been into HSBC today and applied for mortgage on the £240k house but they state they require 20% deposit (£48000).

Any suggestions to raising the extra £24000 deposit needed.

Thanks

GMS

90% with other properties is difficult.


Speak to a broker.


Alternatively look to raise the difference on the property to be rented. Again speak to a broker as many BTL mortgages are broker only.

MLSY

Depending on the rent you could raise the extra on the rented property

Let a broker source the whole market for both deals to get the best rate across both mortgages

amnblog

Or your could keep walking down the high street trying all the banks and building societies to see if you get lucky.

Annisele

If the problem is loan to value rather than affordability, there might be merit in borrowing against the house Gran lives in. But I agree with the others, this is a broker job.

Thrugelmir

Annisele wrote: »

If the problem is loan to value rather than affordability, there might be merit in borrowing against the house Gran lives in.

Gran has right to remain. Which has the effect of diminishing the properties worth for the purposes of security.

Thrugelmir

1517sharps wrote: »

We have been into HSBC today and applied for mortgage on the £240k house but they state they require 20% deposit (£48000).

Any suggestions to raising the extra £24000 deposit needed.

Thanks

Sell your existing property. Own an investment property once you home is fully paid for.

1517sharps

Thanks Guys - We will explore the avenue of borrowing off the potential rented property. Fortunately through experience where we live houses that go up for sale / rent are snapped up within 3 weeks. Do i need to ask for remortgage, buy to let or let to buy?

thanks