Hi, I owe £9000 on my property which is worth around £210000.
I'm thinking about letting this and buying a second home .
I earn 25k pa, and would get £800pcm for renting my first home.
I am 45 years old. Is this possable for me to do this?
Ask the Specialist response:
Thanks for your enquiry.
This particular scenario is called "Let to Buy" in industry jargon i.e. where you wish to let out your current home and purchase another to move into.
There are a number of lenders that could consider the scenario, however every situation I'm sure you'll appreciate is unique.
Whether it is possible or not for your situation will depend on a number of factors such as: the purchase price of the new proposed property, the amount of deposit you can put down, your credit history, your employment status and so on.
That said, we have assisted clients previously with a "Let to Buy" situation where we organise a buy to let mortgage on the existing home and a new residential mortgage on the new home our clients are purchasing.
If you just wish to obtain an indication on whether we are able to assist you, given your specific circumstances, I'd recommend speaking to one of our Advisers on +44 203 216 2037 or send us an enquiry online and one of our Advisers will call you back.
David Rostron MEng(Hons) CeMAP CeRER