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New mortgage with exisiting mortgage
nicol1980
Posts: 16 Forumite
Hi all,
I'll try to keep this as simple as possible.
I currently have two mortgages:
1. The property I live in
2. The property I used to live in and now rent out
Property 1 has an outstanding mortgage of approx £25'000 with a value of approx. £65'000. Standard capital & interest mortgage
Property 2 has an outstanding mortgage of £105'000 and a value of approx. £105'000 - £110'000. Interest only mortgage (not buy to let)
My partner and I want to sell property 1 and use the equity along with savings to buy a family home with an approx. value of £300'000 using a 15% deposit therefore, requiring a mortgage of £255'000. At this time we will still be renting out property 2.
My current salary is £44'500 and my partner’s is £50'500. We have no outstanding debt and our only commitments are our car (£455 per month) and our two mortgages mentioned above (Property 1: £131 p/m, Property 2: £466 p/m)
Do you think we would be able to successfully raise the required mortgage of £255'000 under our current circumstances?
As an added piece of information the plan is to sell property 2 from April 2015 when the current lease runs out.
Thanks in advance for any advice given.
I'll try to keep this as simple as possible.
I currently have two mortgages:
1. The property I live in
2. The property I used to live in and now rent out
Property 1 has an outstanding mortgage of approx £25'000 with a value of approx. £65'000. Standard capital & interest mortgage
Property 2 has an outstanding mortgage of £105'000 and a value of approx. £105'000 - £110'000. Interest only mortgage (not buy to let)
My partner and I want to sell property 1 and use the equity along with savings to buy a family home with an approx. value of £300'000 using a 15% deposit therefore, requiring a mortgage of £255'000. At this time we will still be renting out property 2.
My current salary is £44'500 and my partner’s is £50'500. We have no outstanding debt and our only commitments are our car (£455 per month) and our two mortgages mentioned above (Property 1: £131 p/m, Property 2: £466 p/m)
Do you think we would be able to successfully raise the required mortgage of £255'000 under our current circumstances?
As an added piece of information the plan is to sell property 2 from April 2015 when the current lease runs out.
Thanks in advance for any advice given.
0
Comments
-
There is no reason why not based on the information above.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 -
We are in a very similar situation. Thanks for asking the question and thanks for the reply. It's good to know other people are in the same boat0
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