Hi
I am in a similar situation to many people across the country who bought their first home in the boom times & are now looking to move to somewhere more suitable to my current situation
I bought an apartment in 2008 for 415,000.The apartment is not worth much more that half that now but with a new family, I would like to move on in the next couple of years. Ideally, buy a house in the same area at a a current valuation of 500,000 (one can but dream!!)
I have a salary upwards of 60,000
my partner earns upwards of 30,000
between us we have approximately 10,000 in loans but 15,000 in savings
An option would be to move into my partners house in the country, this is not somewhere we would like to live long term but would enable us to save 2,000 per month. If we decided to do this in the short term i could rent my apartment covering the majority of the mortgage & save about 50,000
Am i dreaming or would any bank give us a loan to buy a new house in a couple of years if we showed for 2 years we were saving 2,00 per month & my apartment was being covered by the tenant?
Yours naively,