Can we do this? (mortgages, buy to let)
Discussion
Hi everyone,
Me and the other half currently live in an apartment that is fortunately paid off, and we have recently seen another place that we really like and want to get hold of it. However we do not have a deposit and do not wish to sell the place we are currently in. Am I way off in thinking we could do the following?
Remortgage where we are now and release around 35k, then use that towards a mortgage on the place we want and then renting out where we are living now. Is that a viable option or are we dreaming? More info if you want, our place is around 110k, the place we want is 126k, the place we want is currently let and we would consider purchasing it as a buy to let until the tenant wanted to leave if that was an option available to us financially. The OH is part time and self employed, I am full time, combined income between 50-55k.
Any help appreciated, cheers
Me and the other half currently live in an apartment that is fortunately paid off, and we have recently seen another place that we really like and want to get hold of it. However we do not have a deposit and do not wish to sell the place we are currently in. Am I way off in thinking we could do the following?
Remortgage where we are now and release around 35k, then use that towards a mortgage on the place we want and then renting out where we are living now. Is that a viable option or are we dreaming? More info if you want, our place is around 110k, the place we want is 126k, the place we want is currently let and we would consider purchasing it as a buy to let until the tenant wanted to leave if that was an option available to us financially. The OH is part time and self employed, I am full time, combined income between 50-55k.
Any help appreciated, cheers
, I have noticed you are actually based quite close, could I get in touch with you about possibly assisting with this? Gassing Station | Finance | Top of Page | What's New | My Stuff