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mortage or re-mortage or loan?
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unknown_786
Posts: 131 Forumite
Hi, ive had a busy morning viewing properties...for those who haven't read my other thread I am helping my dad with a property he owns and we are now looking to buy a new property (He is at retirement age, and I feel it's about time I did something productive and helped him).
Anyway, we are looking to buy a second property for rental purposes. We currenty have one, which is a one bedroom flat in the region of £170,000. This has got a mortgage on it, and we have about £50,000 left to pay.
Right, the property we are looking to buy is a two bedroom flat in the same area, and this is going for £270,000. We have £30,000 available in cash, and I was wondering what people would recommend as the best course of action to raise funds for a 20% deposit.
We currently live in a house with no mortgage, and it is worth somewhere in the region of £500,000.
From what I can see, the choices available are:
1. Re-mortage our first property
2. Take out a mortgage on the house we currently live in
3. Get a loan from the bank
Any help is much appreciated, and thanks in advance.
Unknown
Anyway, we are looking to buy a second property for rental purposes. We currenty have one, which is a one bedroom flat in the region of £170,000. This has got a mortgage on it, and we have about £50,000 left to pay.
Right, the property we are looking to buy is a two bedroom flat in the same area, and this is going for £270,000. We have £30,000 available in cash, and I was wondering what people would recommend as the best course of action to raise funds for a 20% deposit.
We currently live in a house with no mortgage, and it is worth somewhere in the region of £500,000.
From what I can see, the choices available are:
1. Re-mortage our first property
2. Take out a mortgage on the house we currently live in
3. Get a loan from the bank
Any help is much appreciated, and thanks in advance.
Unknown
0
Comments
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any1 got any ideas?0
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Mortage rates are cheaper than loan rates so I'd opt to remortgage the first property (I'd rather have 1 mortgage than 2). Good luck!0
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