Mortgage advice required from those in the know pls
Mortgage advice required from those in the know pls
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RetroTed

Original Poster:

1,029 posts

227 months

Friday 15th June 2012
quotequote all
I require some mortgage advice from people in the know pls

My dilema
We have found the house of our dreams. It's a repo at a fantastic price and our current house was under offer so everything seemed rosie and jim.

However our buyers buyer has now backed out and we are gutted.

Our current house is valued @ £135k and we have approx £50k equity

Is there any way that we could get into the new house ?

We have thought about remortgaging our house to release equity and renting it out and then using the equity plus savings to put down a deposit for the new house.

Are there any other options as we really don't want to lose out on this new house

Thoughts and advice please.

falkster

4,258 posts

221 months

Friday 15th June 2012
quotequote all
Wrong forum but:

If there is a good rental in Wrexham then you could get a rental cert for your house, release some equity from your to give you the deposit for the new one.
What's the value of the new one?
We've done this 3 times in the last 3 years but you've got to make sure you get tennents than can look after your property because it's still yours and the last thing you want is more repair bills.