Any general thoughts on the following would be appreciated. I intend to approach the banks but wanted views on how i should approach the following with the banks:
10 Years into current first home and mortgage in my own name. Have 125k remaining on current 150k value. Looking to rent this out at 12k pa. I know that the rental element may/will not be considered by the banks. Looking to buy a larger family home up to 300k in value. Looking for up to 50%LTV on the second mortgage. So total mortgage debt of 275k on value of 450k. One income at the moment of 50k pa.
Many thanks for your views
10 Years into current first home and mortgage in my own name. Have 125k remaining on current 150k value. Looking to rent this out at 12k pa. I know that the rental element may/will not be considered by the banks. Looking to buy a larger family home up to 300k in value. Looking for up to 50%LTV on the second mortgage. So total mortgage debt of 275k on value of 450k. One income at the moment of 50k pa.
Many thanks for your views