How do I manage this mortgage conundrum

lazer-zxr

We've seen a house we like. £289k
Current house £188k value, £142k mortgage.
Could rent out our sell this current house.
I also Own 50% of a £70k value rented property. No mortgage.
Savings available £35k

I can afford monthly payments on 2 big mortgages. I just need advice on my options.

Any advice welcome.

Caz3121

If you were to keep your current property you likely have enough equity to shift it to a BTL assuming the rent figures work in the calculations (unlikely to be able to take any of the equity out)
The property you are looking to buy will incur £13,120 stamp duty (as an additional property) so, with other fees to come from your savings you are likely looking at a 95% LTV which will come at a higher cost

Alternatively, sell current property pay £4.450 stamp duty (replacing main residence) and have a 75-80% LTV with better rates