anon123456
Registered User
- Messages
- 8
We are mortgage free on our house and would like to upgrade to a bigger house that would require modernization, so we would like to live in our own house until it's ready (12-18m). We focused on paying our mortgage off so wouldn't have the 20% deposit for a new house, unless we sold our current house.
We may be able to stay within the 3.5x income limit, but may be 4x our income to buy the new house, excluding renovation costs. We are in our late 30's, both professional employees in MNCs, so stable implement etc. Once we have our house sold we would have an LTV of c. 20/30%
Few questions;
1) Would it be possible to get an exemption for the 20% deposit and the income limit?
2) If not would it be possible to remortgage our existing house to come up with the deposit?
We may be able to stay within the 3.5x income limit, but may be 4x our income to buy the new house, excluding renovation costs. We are in our late 30's, both professional employees in MNCs, so stable implement etc. Once we have our house sold we would have an LTV of c. 20/30%
Few questions;
1) Would it be possible to get an exemption for the 20% deposit and the income limit?
2) If not would it be possible to remortgage our existing house to come up with the deposit?