Mortgage advice..?

animalgirl

Hi MSE-ers...

My first post..hopeful for some advice

sammyjammy

I don't understand why you have a mortgage on the property if you inherited it? Is the mortgage in OH and brothers names? Do they both pay towards it? If mortgage not in both their names then flat cannot be in both names either, is your intention to sell this flat then? If so surely no-one will want ot buy it at the moment if its as noisy as you say?

If you're self employed and have accounts then its certainly possible to get a mortgage but I guess it depends how much you need..

Sorry for all questions but your post isn't very clear. I don't know what you mean by this? are we able to use the value of the current place to buy a new place?


Sam

silvercar

You need to answe sammyjammy's question about the names on the flat and the names on the mortgage.

Putting that aside, if you have a mortgage of 100k and sell the flat valued at 375k, you have 275k to use to buy your new place, if you want to spend more than 275k you need to get a mortgage for the rest. It is possible for the self-employed to get a mortgage, particularly with the large deposit you will have.

Your other option would be to rent out the flat and use the rental income to supplement the rent you need to pay on your own place.

silvercar

I guess I was wondering if, as the mortgage is relatively low compared to the current value, this in itself gives us any options..

A self-employed mortgage will be easier to find/ better rates with the size of deposit you have. If you don't want to sell but to rent it out, you should be able to get a BTL mortgage on it of say 200k giving you 100k deposit on your new place. This all depends on the likely rental of your current flat.