Is it possible for us to get a second mortgage?
We still have around 130k to pay on our existing mortgage, we estimate the value of our flat at around 200k.
We are now looking to potentially buy another place (ideally a house) closer to work as it currently takes my partner 3 hours a day to travel to and back from work.
We don't really want to sell our existing place, we want to keep it and may or may not rent it out (probably unlikely as we are not landlords and prefer not to be one...)
We pay around £650 a month on our mortgage plus around £150 service charge + ground rent. Our household income is around 63k and have around 30k saved + 5k for fees etc.
Based on the information above, can anyone give us an indication of how much we can potentially borrow for a new house? and is it possible to have two residential mortgages?
Any comments and advice is much appreciated. Thanks.
We still have around 130k to pay on our existing mortgage, we estimate the value of our flat at around 200k.
We are now looking to potentially buy another place (ideally a house) closer to work as it currently takes my partner 3 hours a day to travel to and back from work.
We don't really want to sell our existing place, we want to keep it and may or may not rent it out (probably unlikely as we are not landlords and prefer not to be one...)
We pay around £650 a month on our mortgage plus around £150 service charge + ground rent. Our household income is around 63k and have around 30k saved + 5k for fees etc.
Based on the information above, can anyone give us an indication of how much we can potentially borrow for a new house? and is it possible to have two residential mortgages?
Any comments and advice is much appreciated. Thanks.
