Hi there,
we have a property that is being leased out to the local authorities for 10 years with an option to make it 30. There is around 170k left on the mortgage.
At the moment we are renting but we would like to purchase our own house in the next year or so.
The mortgage repayments on the existing property are being covered by the rental income from the local authority.
What are the chances of a bank giving out a second mortgage in the 100-150k mark bearing in mind we already have one? Would they look favourably at the fact that the existing mortgage is being looked after?
Thanks
we have a property that is being leased out to the local authorities for 10 years with an option to make it 30. There is around 170k left on the mortgage.
At the moment we are renting but we would like to purchase our own house in the next year or so.
The mortgage repayments on the existing property are being covered by the rental income from the local authority.
What are the chances of a bank giving out a second mortgage in the 100-150k mark bearing in mind we already have one? Would they look favourably at the fact that the existing mortgage is being looked after?
Thanks