We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying a new home
ispookie666
Posts: 1,194 Forumite
We have been in our current home for 4.5years and have LTV of 59% and with Halifax on a good rate. Capital left is 209K
In the next year or so, we are looking to move - the area is more expensive and the houses would be around 480 -600K.
Initially, we were planning to sell this house and buy. But, I was thinking - would it be possible to release equity from this house so that I could put a 10% deposit and then move this to a Let to Buy kind of situation.
Our Joint income - 150K
Debt - 15.5K (bought a new car)
CC - 5.8K
In the next year or so, we are looking to move - the area is more expensive and the houses would be around 480 -600K.
Initially, we were planning to sell this house and buy. But, I was thinking - would it be possible to release equity from this house so that I could put a 10% deposit and then move this to a Let to Buy kind of situation.
Our Joint income - 150K
Debt - 15.5K (bought a new car)
CC - 5.8K
“Don't raise your voice, improve your argument." - Desmond Tutu
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump
0
Comments
-
First major question...Will you be Mortgage free before 50? :P
It can potentially be done. There is not enough information to say for sure but you may find your options reduced. Some lenders will not lend above around 80% LTV and other lenders would need to see it let out. It does not necessarily mean you will be paying high rates but more a case of you may find it is not for every lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That was the earlier goal - but dont expect to pay off mortgage before 50. The rental income around here should be more than enough to cover mortgage and a bit more for our current home. Unless the house price falls!
If all goes well we would be looking at a total mortgage of 400 + 250K with hopefully rental income denting the second mortgage. Not sure if it would fit the affordability criteria if the rental income is not taken into consideration.
CC debt is 0% and I'm not rushing to pay it off.
Unsecured/car - is over 4 yrs, but planning to pay it off with any bonuses.“Don't raise your voice, improve your argument." - Desmond Tutu
System 1 - 14 x 250W SunModule SW + Enphase ME215 microinverters (July 2015)
System 2 - 9.2 KWp + Enphase IQ7+ and IQ8AC (Feb 22 & Sep 24) + Givenergy AC Coupled inverter + 2 * 8.2KWh Battery (May 2022) + Mitsubishi 7.1 KW and 2* Daikin 2.5 KW A2A Heat Pump0 -
I was only messing, dont worry it wont affect the mortgage.
On a side note, it might be worth having a looking at the tax changes for landlords. There is a good possibility 40% of the rental income will be going to the tax man. I would speak to an accountant/tax advisor.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards