getting 250k mortgage on 30k pa wage

[CoolHands]

possible? I have no savings either. I have a property with 100k equity in it but don't want to remortgage. Does that help?

btw anyone ever got a joint morrtgage with their brother or mate or whatever? Is it more complecated?

[crazy about cars]

If you mean you want a mortgage on a £250k property without deposit on a £30k pa wage that'll be tricky but not impossible. Looks at the help to buy schemes.

[CoolHands]

yeah but I already have another property so help to buy and all that is no good plus they are for new builds only (once again the govt props up a false market)

[B17NNS]

Best way would be to re-mortgage your other property and pull out as much cash from that as possible to use as a deposit on the new one.

[2 sMoKiN bArReLs]

..and then hope interest rates don't go back to 8%

[scenario8]

What are you going to do with the two properties? Unless I'm mistaken you are looking to borrow a clear £250k on top of whatever is outstanding on your current mortgage - all funded by a £30k pa salary, right? Or, are you looking to buy a property valued at £250k with the intention of letting it? If so you're going to need to put down a fat chunk of cash as a deposit against that property so may need to remortgage on your current property in order to raise the funds to use as the deposit on the new purchase - but all of those financial shenanigans will need to be revealed to the lender(s).

[CoolHands]

scenario8 said:

What are you going to do with the two properties?

rent them both.

scenario8 said:

Unless I'm mistaken you are looking to borrow a clear £250k on top of whatever is outstanding on your current mortgage - all funded by a £30k pa salary, right? Or, are you looking to buy a property valued at £250k with the intention of letting it? If so you're going to need to put down a fat chunk of cash as a deposit against that property so may need to remortgage on your current property in order to raise the funds to use as the deposit on the new purchase - but all of those financial shenanigans will need to be revealed to the lender(s).

the original flat is worth in the region of 300k and mortgage is 200k. The rent covers the mortgage and would do on both.

don't worry, it's a bit of a pipe dream.

Edited by CoolHands on Wednesday 23 April 19:15

[scenario8]

You're not going to find many institutions prepared to lend you 100% on a BTL. And when I say many, I mean any.

[IanA2]

CoolHands said:

rent them both.

But aren't both rates and deposits higher for buy to let?

[Wozy68]

CoolHands said:

he original flat is worth in the region of 300k and mortgage is 200k. The rent covers the mortgage and would do on both.

don't worry, it's a bit of a pipe dream.

Edited by CoolHands on Wednesday 23 April 19:15

Rent covers a 200k mortgage?
Fair.play

[J012E]

As stated above, no way a lender will offer a mortgage with absolutely no deposit. Especially as it is a BTL. best bet is to remortgage the one you have now but even then, you'd be mortgaged up to the max.

[matc]

Wozy68 said:

CoolHands said:

he original flat is worth in the region of 300k and mortgage is 200k. The rent covers the mortgage and would do on both.

don't worry, it's a bit of a pipe dream.

Edited by CoolHands on Wednesday 23 April 19:15

Rent covers a 200k mortgage?
Fair.play

Fairly easy on a £300k property nowadays? Would be in my area £750pm mortgage payments, £1300pm current rental rates.

[Wacky Racer]

2 sMoKiN bArReLs said:

..and then hope interest rates don't go back to 8%

15% in my day.......

[crazy about cars]

matc said:

Fairly easy on a £300k property nowadays? Would be in my area £750pm mortgage payments, £1300pm current rental rates.

£750pm mortgage payments on a £300k property? Assume a healthy deposit?

Must be in a very desirable area though for 1.3k rent on a 300k house...

[matc]

crazy about cars said:

£750pm mortgage payments on a £300k property? Assume a healthy deposit?

Must be in a very desirable area though for 1.3k rent on a 300k house...

OP has a £200k mortgage on a £300k property though.

[crazy about cars]

matc said:

OP has a £200k mortgage on a £300k property though.

Ah, I've missed that bit...

It's a very big risk to take but with the equity in hand might be worth popping in to speak with some advisers.

[bulldog5046]

Jesus, and as a first time buyer I'm finding I need to earn north of 40k to buy a £160k property!?!

What's broken here? I really just want a house...

[Campo]

bulldog5046 said:

Jesus, and as a first time buyer I'm finding I need to earn north of 40k to buy a £160k property!?!

What's broken here? I really just want a house...

The whole housing system is broken, they're not homes anymore they're "investment opportunities". How else would a developer sell a shoebox size flat made of breeze blocks and plywood for £300k in a normal town.

Sad really but that's capitalism for you.

[bulldog5046]

Campo said:

The whole housing system is broken, they're not homes anymore they're "investment opportunities". How else would a developer sell a shoebox size flat made of breeze blocks and plywood for £300k in a normal town.

Sad really but that's capitalism for you.

So, what the answer? Become a cash buyer?...

[Sarnie]

This thread is a wind-up surely???

A BTL with no deposit