I'm easily confused but
...if you own yours outright, how can you get a mortgage on it? Didn't know you can do that, so new one on me.
Can you afford the mortgage on the new place after paying your deposit? You can probably use the rental income as part of the affordability calculation but I'm unclear why you need a second mortgage, unless you can't afford the new place.
I take it you don't want to sell? Looks like you'd have a very small mortgage if you did sell/use savings. Your LTV would allow you to pick and choose mortgage product, so I doubt you'd pay much and could probably hang on to most of your savings too
Posted By: Jester on June 27th 2021 at 18:16:20
Message Thread
- Mortgage/Financial advice (General Chat) - jonnym6, Jun 27, 17:29:02
- You'll have to pay income tax (General Chat) - RadgeCanary, Jun 27, 18:59:54
- I’m no expert, but there are a lot of things to consider (General Chat) - Under soil heating, Jun 27, 18:30:35
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- No worries mate. Good luck with whatever you decide. (n/m) (General Chat) - Under soil heating, Jun 27, 19:19:13
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- I presume in either scenario you are keeping your existing house? (General Chat) - SimonOTBC, Jun 27, 18:22:25
- I'm easily confused but (General Chat) - Jester, Jun 27, 18:16:20
- Rather personal question but are you a higher rate tax payer? (General Chat) - JoeyDeacon, Jun 27, 17:57:53
- I was advised to ditch/sell my rental property when the rules changed for this very reason (General Chat) - gameon, Jun 27, 18:31:13
- I know someone who has done exactly that (General Chat) - jamesward, Jun 27, 17:42:56
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