getting 250k mortgage on 30k pa wage
Discussion
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).
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
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.
Rent covers a 200k mortgage? don't worry, it's a bit of a pipe dream.
Edited by CoolHands on Wednesday 23 April 19:15
Fair.play
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.What's broken here? I really just want a house...
Sad really but that's capitalism for you.
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?...Sad really but that's capitalism for you.
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