Advice please

Moore69

Some mortgage advice would be very grateful. I currently have a 55k mortgage property value around 275k. Currently fixed for 5 years (on year 3). 15 year mortgage in total. Due to some tragic events I need to move. I don't want to sell my property and would like to take equity out of it (100K max) to be a deposit on a new house. Looking at properties in the region of 325k. My income is £37k a year I have a live in tenant who will move with me giving 500pm. Can anyone advise if this is at all possible. currently paying £365 pm mortgage

ScoobyZ

So you are looking to have £380k on mortgage. (10x income)

You repayments over 15 years will be £2445 a month (2%).

Doesn't seem feasible to me.

Moore69

No, 15 years is what I currently have. The rent from my current property will cover that mortgage and then some. I would look for a 25 year mortgage on the new one. Even if the figure £2445 was correct I could afford it £900-1k pm from rental of flat, 500 from live in tenant =around 1k per month for me to pay

AnotherJoe

See a broker and ask about a Let to Buy mortgage (effectively the same at BTL)

Article here (old but gives soem background) http://www.telegraph.co.uk/finance/property/property-club/10421172/growth-let-to-buy-investors.html