Advice please on buying an investment property!!!!!

[sweetheart]

Dh and I would really love to buy another property - largly because neither of us have a pension. What I'd love would be to build up a property portfolio but I'm taking baby steps and starting with 1.

So our situation is that we currently put a certain amount of money into a savings account each month. The amount we save is about equal to our monthly mortgage repayments so we know we could afford another mortgage but we have no cash avaialble for a deposit, however we do have about £40 - £50k worth of equity in our house. Could we use this as a deposit and do a self certified mortgage?

Does anyone have any experience of doing something like this?

I have looked at those before but

1. Our income doesn't seem to generate a big enough loan amount to cover our mortgage

and

1. I'd be quite nervouse about having all our money in one account as I'd probably end up over-spending!

You should be able to do it with your current lender at current loan amount though , especially if you have equity so low loan-to-value.

I think, like suggested here, I'll book to see a FA. I don't think our aspirations are unrealistic but we certainly need to understand all the implications to make sure we don't leave ourselves in trouble.

sweetheart my dp could help here

Hi lily,

I have added the website to my fav's and will check it out properly when I have more time.
Cheers
SH

If you're prepared to risk having two properties in negative equity then go right ahead. Otherwise, consider putting your spare cash elsewhere and leaving houses for people who actually need a home.

hi Sweetheart

i suggest you get hold of a copy of a book by Ajay Ahuja called "you, property and your pension" (or something like that). It's listed on Amazon, together with many other simiolar titles. Good luck!