Possible mortgage options in current situation

charliewocka

Appreciate some peoples thoughts n the situation myself and partner are in.


We have made the decision to begin searching for a property to buy together. Our earnigns are £69,000 (plus a £14k bonus for him) and £52,000 (with £6k bonus) for me. Properties we are considering are in the range for £550k - £600k. Initial checks with online calculators and informal talks with mortgage advisor that he uses suggest that this is affordable for us.


He has a house, currently valued £385k - £400k with about £200k equity in it. We are unsure as to whether he should see about transferring this to a BTL mortgage (current mortgage is £890pcm and rental income would be £1400, although obviously associated landlord costs would be involved). Or do we sell his house and use the equity as a deposit? Not sure how it would impact our affordability if he kept the house to let out.


We do have an appointment with the mortgage advisor later this week but be interested to get people's thoughts on whether we should buy or sell his property.

Caz3121

flosswoss21 wrote: »

He has a house, currently valued £385k - £400k with about £200k equity in it. We are unsure as to whether he should see about transferring this to a BTL mortgage (current mortgage is £890pcm and rental income would be £1400, although obviously associated landlord costs would be involved). Or do we sell his house and use the equity as a deposit? Not sure how it would impact our affordability if he kept the house to let out.

How big a deposit do you have if the house is kept as BTL?