Hi everyone,
I am in the Forces and am renting out my house (with mortgage lenders permission) I have about £30k in equity in the house. Due to a short notice change in circumstances I now need to buy a house but have not had an opportunity to get a deposit together. I want to keep my current house as an investment and buy a second one as our family home. Is it possible in the present financial climate to get a 100% mortgage using the other property as a guarantee instead of a deposit (sorry don't know the technical terms). We both work, are debt free (I know shocking for a squaddie!) and can afford both mortgages if the first house was not being rented.
Any ideas or help would be most gratefully received.
Thanks Si
I am in the Forces and am renting out my house (with mortgage lenders permission) I have about £30k in equity in the house. Due to a short notice change in circumstances I now need to buy a house but have not had an opportunity to get a deposit together. I want to keep my current house as an investment and buy a second one as our family home. Is it possible in the present financial climate to get a 100% mortgage using the other property as a guarantee instead of a deposit (sorry don't know the technical terms). We both work, are debt free (I know shocking for a squaddie!) and can afford both mortgages if the first house was not being rented.
Any ideas or help would be most gratefully received.
Thanks Si