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LeoTLion
Posts: 128 Forumite
I'd be grateful for some advice regarding our current situation.
Our house is currently for sale and we have people who want to buy it but have a property to sell, this property is owned by them outright and they are not currently living in it as it's in another part of the country.
They have asked to rent our property, until they sell and then will buy ours.
We have seen a house we like the look of (not viewed as yet) in the area we want to move to, it is being sold with no onward chain.
We currently have LTV of 70% on our existing property and enough cash savings for a 5% deposit on the new property.
Subject to viewing the other property, is there a workable scenario, mortgage wise, where we let the house out and buy the other one with a new residential mortgage?
If we did go ahead it would be with a broker, so at this point I'm looking for general advice on how achievable this is and if there are any specific criteria we would need to fulfil.
Thanks
Our house is currently for sale and we have people who want to buy it but have a property to sell, this property is owned by them outright and they are not currently living in it as it's in another part of the country.
They have asked to rent our property, until they sell and then will buy ours.
We have seen a house we like the look of (not viewed as yet) in the area we want to move to, it is being sold with no onward chain.
We currently have LTV of 70% on our existing property and enough cash savings for a 5% deposit on the new property.
Subject to viewing the other property, is there a workable scenario, mortgage wise, where we let the house out and buy the other one with a new residential mortgage?
If we did go ahead it would be with a broker, so at this point I'm looking for general advice on how achievable this is and if there are any specific criteria we would need to fulfil.
Thanks
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