2nd mortgage
Alexh88
Posts: 1 Newbie
I currently have a mortgage with £62,000 left to repay, house value is roughly £300,000 I am only working part time due to an operation and have moved in with my parents and rented my house out, I would say my annul net income is £20,000
I was wondering how much I would be able to borrow to purchase a second house? Could I use some of the equity in my current house? I have a deposit of £25,000.
I would like to know what sort of house prices I should be looking at.
Any help will be greatly appreciated.
I was wondering how much I would be able to borrow to purchase a second house? Could I use some of the equity in my current house? I have a deposit of £25,000.
I would like to know what sort of house prices I should be looking at.
Any help will be greatly appreciated.
0
Comments
-
If you converted the other property to a buy to let, this would be assessed more on the rental possibilities of the house, which could mean you could release a sizeable amount.
Find a broker and let them assist with both the conversion to BTL and the subsequent second property purchase.
However, just be mindful of the stamp duty implications of owning more than one property....I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
This discussion has been closed.
Categories
- All Categories
- 343K Banking & Borrowing
- 250K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.1K Work, Benefits & Business
- 607.7K Mortgages, Homes & Bills
- 173K Life & Family
- 247.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards