Hi
I'm considering upgrading my house, which is currently on a low tracker mortgage.
Ideally I'd like to keep my current property, together with its low tracker mortgage. If I look for a completely new morgage on a new house is it possible to keep my old house on its current mortgage?
Also, when I apply for a new mortgage, under the new rules I will need 20% deposit and 3.5 times our income, I may be able to swing this, however, with regards the 3.5 times our income, I will be able to cover my new mortgage, but not the two mortgages combined, current mortgage plus new mortgage will exceed 3.5 times income. Will this matter, I hoping they only consider the one new mortgage when it comes to 3.5 times income?
I was planning on renting my current house, which will far exceed mortgage repayments
Any advice appreciated
I'm considering upgrading my house, which is currently on a low tracker mortgage.
Ideally I'd like to keep my current property, together with its low tracker mortgage. If I look for a completely new morgage on a new house is it possible to keep my old house on its current mortgage?
Also, when I apply for a new mortgage, under the new rules I will need 20% deposit and 3.5 times our income, I may be able to swing this, however, with regards the 3.5 times our income, I will be able to cover my new mortgage, but not the two mortgages combined, current mortgage plus new mortgage will exceed 3.5 times income. Will this matter, I hoping they only consider the one new mortgage when it comes to 3.5 times income?
I was planning on renting my current house, which will far exceed mortgage repayments
Any advice appreciated