My husband has an existing mortgage on a home he originally lived in and later rented out for the last 10 years while living abroad. The property is currently being rented.
The mortgage is £28K. The house is roughly valued between £120-130K. The monthly mortgage payment is £250. It is rented for £650 per month.
We want to buy another home for £230K. (We are currently living with his parents as we just returned from the U.S.) He has maintained UK accounts and still has a good UK credit (confirmed when we obtained a mortgage in principle).
We need to take £40K from the equity in his rental home to gather a deposit for the home we want to buy.
Now that you know the background, my question is: can we remortgage his current property while simultaneously getting another mortgage on the new home? His parents are great, but the thought of waiting the 4-6 weeks to remortgage and then another 4-6 weeks for the next mortgage is a bit daunting.
Thank you for the help!
The mortgage is £28K. The house is roughly valued between £120-130K. The monthly mortgage payment is £250. It is rented for £650 per month.
We want to buy another home for £230K. (We are currently living with his parents as we just returned from the U.S.) He has maintained UK accounts and still has a good UK credit (confirmed when we obtained a mortgage in principle).
We need to take £40K from the equity in his rental home to gather a deposit for the home we want to buy.
Now that you know the background, my question is: can we remortgage his current property while simultaneously getting another mortgage on the new home? His parents are great, but the thought of waiting the 4-6 weeks to remortgage and then another 4-6 weeks for the next mortgage is a bit daunting.
Thank you for the help!