Posted on 29 January 2013 by Charlie
I have a mortgage on property worth about £675k, and the mortgage is £190k. I have assets worth about £250k, and wish to purchase new house worth about £520k. Is this doable with a let to buy mortgage on my current property?
With the brief details given, I can't see why what you're looking to do shouldn't be achievable. Subject to the rental income your current home will generate most Let To Buy lenders would look at a mortgage of 75% on the property, which would release around £316,250 to go towards the purchase of your new home.
The balance could then be made up from relaesing your assets or taking a new residential mortgage, subject to meeting the lenders standard criteria.
If you'd like to discuss your options in more detail, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.
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