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Help!
finnad
Posts: 9 Forumite
My wife and I are hoping to buy our family home, after recently getting married.
We already have a 2 bedroom apartment which we decided to rent out, under consent to lease, in order to go travelling. Unfortunately, our travels were cut short due to my dad becoming ill.
We have a 30k deposit and 60k equity tied up in the flat. We are fortunate to currently have a reliable tenant, in our property who would like to stay there long term.
We are unsure how to go about securing a decent mortgage for our family home. We were hoping to look at properties for around the 300k mark, as that's the average price, in our local area. Ideally, we would like to keep hold of the flat as an investment for the future...really stuck as to what to do?? Do we try and release equity for a better deposit and to lower our repayments??
Our combined income is around the 60k mark...
We already have a 2 bedroom apartment which we decided to rent out, under consent to lease, in order to go travelling. Unfortunately, our travels were cut short due to my dad becoming ill.
We have a 30k deposit and 60k equity tied up in the flat. We are fortunate to currently have a reliable tenant, in our property who would like to stay there long term.
We are unsure how to go about securing a decent mortgage for our family home. We were hoping to look at properties for around the 300k mark, as that's the average price, in our local area. Ideally, we would like to keep hold of the flat as an investment for the future...really stuck as to what to do?? Do we try and release equity for a better deposit and to lower our repayments??
Our combined income is around the 60k mark...
0
Comments
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You would need a BTL mortgage for the flat which would require a bigger deposit so potentially there is no equity to be released.
As for £300k that depends on your salaries and your debts which would include your flat
You need to sit down with a MB to discuss your options
Without knowing more I'd say keeping the flat would be difficult.0 -
Do you have 30k cash deposit, or is that tied up in the flat?
(We kept our first flat and rented it out when we bought our first house. It makes long term sense if you can manage it)
It looks a bit tight getting to 300k on 60k income. Depends on your deposit, but you're looking at quite high multiples. OK while we have low interest rates, if you can get it. Then later if you get stuck you can always remortgage or sell the flat0 -
My wife and I are hoping to buy our family home, after recently getting married.
We already have a 2 bedroom apartment which we decided to rent out, under consent to lease, in order to go travelling. Unfortunately, our travels were cut short due to my dad becoming ill.
We have a 30k deposit and 60k equity tied up in the flat. We are fortunate to currently have a reliable tenant, in our property who would like to stay there long term.
We are unsure how to go about securing a decent mortgage for our family home. We were hoping to look at properties for around the 300k mark, as that's the average price, in our local area. Ideally, we would like to keep hold of the flat as an investment for the future...really stuck as to what to do?? Do we try and release equity for a better deposit and to lower our repayments??
Our combined income is around the 60k mark...
how much is the flat worth?
With a joint income of £60k, your can probably borrow 3 or 4 times this, so a budget of £250k would be perhaps more realistic.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You won't need a BTL mortgage on your flat assuming your consent to lease doesn't have an expiry date. We did exactly the same thing, we have permanent consent to let on a flat that we've let out for 6/7 years now and have just bought a house to live in.0
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