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Buying second, renting first - any advice?
mileslondoner
Posts: 48 Forumite
I have a 2 bed flat worth about 300K in zone 2 in London. The mortgage has been paid off completely.
It is becoming to feel a bit small as my two children are growing fast and will surely find it difficult to share a room.
I am contemplating buying a 3 bed house/flat in zone 5-6. My savings (for a deposit) are around 60K and combined earnings of me and my partner around 50K a year. I would like to rent my flat instead of selling it and move to the new place to give the kids a bit more space.
Any advice on what I need to pay attention to or consider?
- would me rental income be considered for mortgage purposes?
- would it make it easier or harder to get a mortgage under circumstances?
- the monthly rental should be slightly below 1.5K a month - what mortgage can I get taking into account our salaries and savings?
Majority of people buy one flat then sell it to fund the next one - I do not personally know anyone who kept the first property and just purchased the next one - any thoughts, advice, warnings appreciated.
It is becoming to feel a bit small as my two children are growing fast and will surely find it difficult to share a room.
I am contemplating buying a 3 bed house/flat in zone 5-6. My savings (for a deposit) are around 60K and combined earnings of me and my partner around 50K a year. I would like to rent my flat instead of selling it and move to the new place to give the kids a bit more space.
Any advice on what I need to pay attention to or consider?
- would me rental income be considered for mortgage purposes?
- would it make it easier or harder to get a mortgage under circumstances?
- the monthly rental should be slightly below 1.5K a month - what mortgage can I get taking into account our salaries and savings?
Majority of people buy one flat then sell it to fund the next one - I do not personally know anyone who kept the first property and just purchased the next one - any thoughts, advice, warnings appreciated.
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