I am in the process of trying to buy a second home. I have a house that is rented out presently in northern Ireland after I moved to the south of England. (peters field).
I am renting at the moment but have seen a house that I would like to buy, £250000. I have a deposit of £80000 but the mortgage advisor that I met with from the real estate agency is telling me that this is a difficult mortgage and will take around six weeks to process while he explores the possible options.
The rent covers my mortgage in N.Ireland by about 150%. I earn £55000 per year made up of £32000 salary and the rest in widows pension. I'm 46 years of age and have a decent credit history and stable job. No car loans etc.
Can my application be so difficult? Am I better off looking at other options?
It's just that I'm paying out £1100 per month in rent and that seems crazy to me. Any advise?
I am renting at the moment but have seen a house that I would like to buy, £250000. I have a deposit of £80000 but the mortgage advisor that I met with from the real estate agency is telling me that this is a difficult mortgage and will take around six weeks to process while he explores the possible options.
The rent covers my mortgage in N.Ireland by about 150%. I earn £55000 per year made up of £32000 salary and the rest in widows pension. I'm 46 years of age and have a decent credit history and stable job. No car loans etc.
Can my application be so difficult? Am I better off looking at other options?
It's just that I'm paying out £1100 per month in rent and that seems crazy to me. Any advise?