Hi all, advice welcomed.
I have a house which I bought and lived in until I changed jobs so ended up obtaining permission to let it and now rent the house out via an estate agents. The house is probably worth £70k and I have £53k owing at present, the rent more than covers the mortgage.
In the current place where I live I currently rent, but am now looking to buy.
Here is my problem, as I want to keep my house to rent out, but don't have any cash to be able to put down as a deposit for a second house.
Are there any solutions as to how I can realise the equity in my existing house (I am not even sure what that means myself?!?)?
I know from an affordability point of view I am comfortable with what the potential monthly repayments could be (my rent is quite high at the moment), and my salary is relatively decent.
Any advice/suggestions or questions to ask would be welcomed.
Cheers
I have a house which I bought and lived in until I changed jobs so ended up obtaining permission to let it and now rent the house out via an estate agents. The house is probably worth £70k and I have £53k owing at present, the rent more than covers the mortgage.
In the current place where I live I currently rent, but am now looking to buy.
Here is my problem, as I want to keep my house to rent out, but don't have any cash to be able to put down as a deposit for a second house.
Are there any solutions as to how I can realise the equity in my existing house (I am not even sure what that means myself?!?)?
I know from an affordability point of view I am comfortable with what the potential monthly repayments could be (my rent is quite high at the moment), and my salary is relatively decent.
Any advice/suggestions or questions to ask would be welcomed.
Cheers