i need/want a mortgage!!!

rakesh_2

Hello people

I owe a property with the value of almost £176,000 and there is no mortgage on the property. i want to buy another house valued @ £159,000. Since i am single and would not be able to have a mortgage on my current salary which is about £18,000 is there any way to get a mortgage by putting my current house as security only?????

herbiesjp

What will you be doing with the first property - living in it or renting it out?

What will you be doing with the second property - living in it or renting it out?

If you are going rent either of the properties what kind of rental income will they give you - what figures have you been given by local lettings agents?

rakesh_2

to b honest both options r open. what will b the consequences of either action?

I'm having difficulties in finding mortgage providers who accepting my current house as security only - does anyone know who does this????

herbiesjp

Well it depends on what rates youare looking for - potentially you could find a lender that will do this for you but at commercial rates ( and depends a lot on circumstances).

You will not find any high street lenders that will do this for you.

The consequences of renting out one of the properties and getting rent could mean being able to find a couple of lenders to increase the deposit, and therefore get a mortgage on the second property.