Mortgage help.

[RB Will]

Having never bought a house I am a bit thick with things like this so am asking PH.

I am currently the owner of a house that I inherrited. Mortgage fully paid off etc, but I don't want to sell it just yet. I am looking to buy a new house to move into with my other half. I don't really have the funds to allow this.
I was wondering is it possible to get a mortgage on a new house against the one I currently own? Meaning I would have nothing to pay except maybe a deposit to move into a new house. Then when I sell the other the money will go straight to paying the mortgage off on the new house?
I don't want to re-mortgage the old house as I would not be able to afford the repayments.

Any help?

[Podie]

Mail Scotal

[chris_w666]

Would you want to keep the house you own as a rental income?

If you do then you can take out a buy to let mortgage against it, freeing up cash to put into a new property and if you are getting a rental income this makes your mortagage more affordable.

[Wacky Racer]

chris_w666 said:

Would you want to keep the house you own as a rental income?

If you do then you can take out a buy to let mortgage against it, freeing up cash to put into a new property and if you are getting a rental income this makes your mortagage more affordable.

Until you tenant (possibly) does a runner, then you are , up the creek without a paddle............

[scotal]

Give it 5 minutes, you'll have mail.....