Buying another property advice needed.

DataWraith

My Wife and I have bought a flat (3 years ago now) and are thinking about buying another House to live in, is it feasible to keep the flat we have now and are paying a mortgage on and use it as a rental property, and how would we go about getting another mortgage? is it difficult to do this?
Any advice would be appreciated as would any contact numbers , names etc of people who could offer us advice.

foxwales

Honestly?

Don't consider buying now. Mortgage rates are higher than what they should be and house prices are now generally starting to fall.

Best advice would be to sit tight and to wait for the market to stabalise; then hopefully you can take advantage of better mortgage rates and also get more for your money as house prices will hopefully be cheaper.

Use the time between now and the housing market stabilising to save a deposit; the more deposit you have; the better mortgage interest rates will be available to you. Im assuming you have some extra money if your considering a second purchase; so put this to good use and shove it in an ISA or high interest savings account to build up a deposit.

Jorgan_2

DataWraith wrote: »

My Wife and I have bought a flat (3 years ago now) and are thinking about buying another House to live in, is it feasible to keep the flat we have now and are paying a mortgage on and use it as a rental property, and how would we go about getting another mortgage? is it difficult to do this?
Any advice would be appreciated as would any contact numbers , names etc of people who could offer us advice.

Speak to a whole of market mortgage broker that can give you the information on mortgages that you require. You can then make an informed choice as to whether it is the right thing for you to do.

As for contact details for brokers, speak to friends, family, people at work, that have moved or re-mortgaged in the last couple of years. Find out who they used and what they thought of the service they received. Its easier to go on a few recommendations than go through the phone book, taking pot luck. Speak to a few brokers, not just one, to ensure you are happy with the advice given.