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Doing it solo. Can I let my flat and buy another property to live in?
wanderlove
Posts: 14 Forumite
Good Evening,
I'm trying to create a solid plan to achieve my dream of living by the sea. I'm going to secure a job with starting salary of 22k. I have aprox. 80k equity in my flat. I can probably get together another 20k. I have an art business which brings in around 5k per annum. It's just me, so just my income. My credit rating is excellent. I'm looking at properties circa 200k.
Q1. Can I use the art business income as part of mortgage app? I can show 2 years of min 5k but varies month to month.
Q2. If I wanted to buy and live in the new house and change my current flat to buy to let, I understand I'd need to leave 25% deposit in the flat to do this? How does this work? I've let it previously to different tenants with the banks consent at £750pm, mortgage £350pm. Would this proof of prior letting help in getting a mortgage deal?
Any advice on this would be greatly appreciated. I'm on a mission to finally move forwards.
Thanks, R
I'm trying to create a solid plan to achieve my dream of living by the sea. I'm going to secure a job with starting salary of 22k. I have aprox. 80k equity in my flat. I can probably get together another 20k. I have an art business which brings in around 5k per annum. It's just me, so just my income. My credit rating is excellent. I'm looking at properties circa 200k.
Q1. Can I use the art business income as part of mortgage app? I can show 2 years of min 5k but varies month to month.
Q2. If I wanted to buy and live in the new house and change my current flat to buy to let, I understand I'd need to leave 25% deposit in the flat to do this? How does this work? I've let it previously to different tenants with the banks consent at £750pm, mortgage £350pm. Would this proof of prior letting help in getting a mortgage deal?
Any advice on this would be greatly appreciated. I'm on a mission to finally move forwards.
Thanks, R
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