I've been trying to sell my London flat and buy a house in a new area for about 9 months now. Ive almost lost my mind with the rollercoaster of buyers pulling out (nothing wrong with the flat, their circumstances changed etc) and the knock on effect this has had on my onward purchase.
It's all just fallen through once again so I am considering giving up and renting my place (London) out.
We still want to move out of London, so I'm thinking about buying a much smaller place in my new area sitting still for a year or 2/3/4 then selling our flat and then trying to upsize in the new area. Our total budget should buy us a decent house in the new area (4 bedroom detached big garden in nice area) so budget isn't the issue. It's aligning our sale with our purchase. And finding somewhere to purchase - while our budget is fine there aren't that many of the sort of houses we want around so I don't feel confident selling the London flat and moving into short term rental as we might be there 6 months or more if the right house doesn't come up. We're not that fussy, I'm just going on experience from house hunting over the last 9 months.
So, to my question! Given the below finances, what sort of mortgage might we be able to secure to buy our second property with? I have no idea whether our budget would be 150K or 400K+ and I haven't found any websites which can calculate this sort of thing - links very welcome.
Flat: value ~400K, mortgage outstanding 150K so equity 250K.
Earnings: (joint, 2 people, 4 days pw each) ~110K pa
Savings: 10K (smaller than they were before all the surveys/legal fees we've paid out over the last few months seethe)
Our current mortgage payment is about £850pm (though we're overpaying so pay about £1200 pm) and we could probably get ~£1400pm rent, less management fee etc as we would want to outsource this.
The plan I'm thinking of is switching our current mortgage to be a BTL, then using whatever budget we have available to us to buy a new place.
For info we had no problem getting the finance to buy somewhere for £650 on these figures, so an additional mortgage of £250kish, but no idea how this compares to what we'd get if we were renting our flat out and buying a second property.
Thanks for any advice/links etc.
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How much BTL mortgage could I reasonably expect to get?
8 replies
KikiShack · 10/11/2015 13:32
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