My boyfriend and I both have our own properties with equity (50K in his and 80K in mine).

Do we need a deposit if we wanted to buy a bigger home and rent out both of our existing homes?

Thanks for your help

Asked by Natalie.Mumford

1 Answer

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Answered by Graham Cooper, IFA in Brighton, EAST_SUSSEX
Hi

In basic terms the answer to your question is YES. However, you may be able to use the equities in your existing properties although you would still need to meet a lenders normal criteria. Before any mortgage broker could fully answer your qustion they would need to know:
1. The values of your exting properties
2. Details of the mortgages outstanding on your existing properties
3. How much your existing properties will rent for
4. The Proposed Purchase Price of the new property
5.. Your current Employment status
6. Your current earned Income
7. Your current liabilities
8. Your budget for all your 3 mortgages
9. Your Credit History

If you want to discuss please contact me - 01273390951 or info@grangefinancial.co.uk

Regards - Graham Cooper
Grange Financial Services
| 03.25.12 @ 10:57
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$commenter.renderDisplayableName() — {comment} | 09.23.17 @ 23:37
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Answered by

Graham Cooper
Graham Cooper, IFA in Brighton, EAST_SUSSEX

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