My scenario is as follows, I know I need to go and see a broker, but
want to know if in principle I could get a mortgage for this:
Current Home to rent out (BTL)
Current Mortgage current home £30,000.00
Current Value £130,000.00
Max amount I can borrow against (75%) £97,500.00 BTL Mortgage
Amount Released from current property £67,500.00
New Home to buy on a Repayment Mortgage (25 years)
Value of House wanting to purchase £220,000.00
Contribution from current home £67,500.00
Cash Deposit £10,000.00
Mortgage Required (repayment mortg) £142,500.00
Summay
Total Borrowings £97,500.00 BTL Mortgage
£142,500.00 Repayment Mortgage
Total £240,000.00
Other Info
Current Salary £40,000.00 p.a.
Quoted rental income from current property £700.00 pcm
I Have enough spare cash for all the fees involved
want to know if in principle I could get a mortgage for this:
Current Home to rent out (BTL)
Current Mortgage current home £30,000.00
Current Value £130,000.00
Max amount I can borrow against (75%) £97,500.00 BTL Mortgage
Amount Released from current property £67,500.00
New Home to buy on a Repayment Mortgage (25 years)
Value of House wanting to purchase £220,000.00
Contribution from current home £67,500.00
Cash Deposit £10,000.00
Mortgage Required (repayment mortg) £142,500.00
Summay
Total Borrowings £97,500.00 BTL Mortgage
£142,500.00 Repayment Mortgage
Total £240,000.00
Other Info
Current Salary £40,000.00 p.a.
Quoted rental income from current property £700.00 pcm
I Have enough spare cash for all the fees involved