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?

[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)

[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