Hi I'm new here so please forgive any errors!
My husband and I have recently noticed that there is new development near to us that we would love to move to!
As my hubby is self employed and doesn't have a pension he would love to rent out our current property and get a new mortgage.
I need some help with figures etc to see if its going to be feasible please?
Our current property is worth approx £150000, we have approx 14yrs left on mortgage, owing around £95000? We could prob rent this property for £650-700 PCM.
The new property will be around £160000. Do we get a 25 yr mortgage? How much will fees be?
We also have the option of a friend buying 50% of our current property to take some of the strain from us if its vacant for a while?
Sorry for all the questions but as I say we are very new to this but would love it to work out.
Thanks in advance x x
My husband and I have recently noticed that there is new development near to us that we would love to move to!
As my hubby is self employed and doesn't have a pension he would love to rent out our current property and get a new mortgage.
I need some help with figures etc to see if its going to be feasible please?
Our current property is worth approx £150000, we have approx 14yrs left on mortgage, owing around £95000? We could prob rent this property for £650-700 PCM.
The new property will be around £160000. Do we get a 25 yr mortgage? How much will fees be?
We also have the option of a friend buying 50% of our current property to take some of the strain from us if its vacant for a while?
Sorry for all the questions but as I say we are very new to this but would love it to work out.
Thanks in advance x x