S
Surfless
Guest
Hi All,
newbie here with a question: I am the owner of a property in Portsmouth, and am looking into the options to buy a second place. I'm separated from partner and child (amicably) and am continuing to pay the mortgage on the property but am no longer living there. The house is in my name solely (bought before we met), and I've decided to keep a roof over my child's head rather than turf them out on the street.
I am interested to know if I can purchase a second property using my current property to secure the second mortgage?
A few figures -
deposit available is not much - £2k at best
salary is around the 47k mark + OTE,
credit history is ok, if not spectacular, never defaulted on repayments.
Monthly payment of £850 on current mortgage,
valued at 155k with 21 years to run.
bought for £113k and renovated heavily from repossessed and derilict.
borrowed 100% when I bought it in 2006.
Do I have any options to purchase a second place and secure it on my current property?
I bought out of necessity last time and really don't know a lot about how to do this sort of thing - I'm really keen to see if I can do something which will benefit me and my estranged family.
Thanks in advance for your help.
newbie here with a question: I am the owner of a property in Portsmouth, and am looking into the options to buy a second place. I'm separated from partner and child (amicably) and am continuing to pay the mortgage on the property but am no longer living there. The house is in my name solely (bought before we met), and I've decided to keep a roof over my child's head rather than turf them out on the street.
I am interested to know if I can purchase a second property using my current property to secure the second mortgage?
A few figures -
deposit available is not much - £2k at best
salary is around the 47k mark + OTE,
credit history is ok, if not spectacular, never defaulted on repayments.
Monthly payment of £850 on current mortgage,
valued at 155k with 21 years to run.
bought for £113k and renovated heavily from repossessed and derilict.
borrowed 100% when I bought it in 2006.
Do I have any options to purchase a second place and secure it on my current property?
I bought out of necessity last time and really don't know a lot about how to do this sort of thing - I'm really keen to see if I can do something which will benefit me and my estranged family.
Thanks in advance for your help.
