A bit of background first, my husband and I are 55 and 53. He has a pension of £900 a month and has recently started his own business which brings in £1000 a month, but it has only been up and running for 3 months. as a new business we also get £550 a month from the Government on a new business benefit.
We have savings of £40,000. Our credit score is in the mid 900`s
We have been in rented accommodation for 4 years, paying £1200 a month, but are now looking to buy our final house. We live in an expensive area and expect to have to pay around £280,000 for a property.
We own a property in another part of the country which is valued at £315,00 and is currently used as a holiday let, we intend to sell when the contract with the agent runs out next May.
However, we do not wish to wait another year until purchasing.
Is it possible to secure 2 mortgages against the property, say one for £120,000 with one lender and another for £140,00 with a different lender, to enable us to go ahead and purchase? I ask this because I realize we will be unable to get a large mortgage from just one lender.
Any ideas? many thanks in advance.
We have savings of £40,000. Our credit score is in the mid 900`s
We have been in rented accommodation for 4 years, paying £1200 a month, but are now looking to buy our final house. We live in an expensive area and expect to have to pay around £280,000 for a property.
We own a property in another part of the country which is valued at £315,00 and is currently used as a holiday let, we intend to sell when the contract with the agent runs out next May.
However, we do not wish to wait another year until purchasing.
Is it possible to secure 2 mortgages against the property, say one for £120,000 with one lender and another for £140,00 with a different lender, to enable us to go ahead and purchase? I ask this because I realize we will be unable to get a large mortgage from just one lender.
Any ideas? many thanks in advance.