Need 50K desperately

kingstreet

On which property do you plan to get a BTL mortgage?

If the rent is paying the mortgage on the current property, how will it pay the mortgage on the new property too?

Please clarify what you are trying to do. Is this a let to buy on the current property to raise a deposit, then a residential mortgage on the new purchase?

If so, the figures don't seem to stack up at all...

somethingcorporate

Mental!!

Honestly, who has someone they can tap up for £50k?

Foxy-Stoat_3

So your current house is worth £148,000 with £78,000 equity but you want to buy one for £200,000 but 4 times joint salary is only £88,000 + equity = £166,000 less fees/legals. So I would agree that an extra £50,000 would help you greatly in up-sizing your current home, as with all of the homeowners in the UK, Europe and possibility The World.

Trying to work your current home as a BTL and becoming a Landlord isn't the way to finance a bigger home, assuming that someone will magically come up with £50,000 to gift you to allow you to do this, as what happens if renting goes wrong?

If someone wants to drop £50,000 into your pocket then use it to buy your next home, that way at least the £50K is save-ish.

amnblog

somethingcorporate wrote: »

Honestly, who has someone they can tap up for £50k?

Prince William

nubbins

somethingcorporate wrote: »

Mental!!

Honestly, who has someone they can tap up for £50k?

My brother in law, he once offered to buy us a house we were interested in for 400k cash so we didnt have to sell ours straight away. He has a plumbing business and lives in a 2.5 million house:mad:

Mattygroves2

somethingcorporate wrote: »

Mental!!

Honestly, who has someone they can tap up for £50k?

Plenty of young people in the South East who need the bank of Mum and Dad to get on the property ladder.

Foxy-Stoat_3

Mattygroves2 wrote: »

Plenty of young people in the South East who need the bank of Mum and Dad to get on the property ladder.

This isn't to get on the ladder...not even to progress up the ladder that they can't afford but to get a bigger house and keeping the first house as an unaffordable Buy To Let.

ChumpusRex

The whole scenario is so absurd that I'm wondering whether this is a wind-up.

I can't see any possible way in which the figures could work, whether the first house is made BTL, or the 2nd.

Jhoney_2

You mentioned a preschool child, but what age/gender are the other 2? e.g do/can they share a room? if not, can the youngest stay in your room. Can you release a small amount of equity/get a small loan to extend living space in the current property and sell in e.g 12months?

I'm sorry you're not in a position to do what you want at the moment, but stay open to what you need to avoid "desperate" decision making.

Properties come and go, debt can be for a lot longer...

bristol_pilot

You can't afford it. Simples.

£22k is barely enough for a single person to rent a room in a shared house. To support a family of 5 it is ridiculous, I take it there is a shed loads of benefits on top of that.

I'm afraid plenty of people do have well-off parents who can just give them £50k or more out of ready cash but equity release is daft and for the desperate only. Don't selfishly ruin your parents retirement.

I suspect the highly-risky BTL scheme mentioned by the financial advisor is the only way he/she can see that it could be done, rather than being a recommended course of action.

You are going to have to wait until your income increases substantialy, which probably means when your partner is back at work.