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Help Needed Plz, Renting And Buying New House
ebuyeruk
Posts: 2 Newbie
HI
Myself and my family are looking to move from our three bedroom house to a new 4 bedroom houses. We current have an endowment mortage on the propery 15,000 (10 years left) with the house valued at 120,000.
We are looking to buy a 180,000 house.
We do not earn that much maybe so we just want to find out if we can:
lend 90% needed for the new property (mortage) and rent the current property (instead of selling) and use the earning from their to pay the mortage.
Is this possible, and recommendation would be massively helpful.
Myself and my family are looking to move from our three bedroom house to a new 4 bedroom houses. We current have an endowment mortage on the propery 15,000 (10 years left) with the house valued at 120,000.
We are looking to buy a 180,000 house.
We do not earn that much maybe so we just want to find out if we can:
lend 90% needed for the new property (mortage) and rent the current property (instead of selling) and use the earning from their to pay the mortage.
Is this possible, and recommendation would be massively helpful.
0
Comments
-
There are mortgages called 'let to buy' - which means you can let out your current property leaving you free to buy another.
However the interest rates on 'let to buy' tend to be higher.
You need to search the mortgage market or use a fee free broker to find the best one for your circumstances.0
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