we are buyng a property for £250,000 to let and need a mortgage of £148,000, but are wondering if we would be better remortgaging our current house as rates are generally cheaper. our house is worth in excess of 500,000 with only a 8000 mortgage remaining.
only possible problem is my wife is the only one with a job (£55,000 income) and reaches retirement age in 10 years but will probably retire at 60 as another pension will kick in with a hopful lump sum.
in theory we will easily manage with a 15 year term what with the expected rental income of £1100 a month but will any normal mortgage be granted against our house as they will have no guarantee of us not selling the investment property and splashing the cash!
we could just about manage with a 10 year term but prefer longer
thanks!
only possible problem is my wife is the only one with a job (£55,000 income) and reaches retirement age in 10 years but will probably retire at 60 as another pension will kick in with a hopful lump sum.
in theory we will easily manage with a 15 year term what with the expected rental income of £1100 a month but will any normal mortgage be granted against our house as they will have no guarantee of us not selling the investment property and splashing the cash!
we could just about manage with a 10 year term but prefer longer
thanks!