Newbie Question

J

johnnymc7

Guest
Hi all,

Bit of a long story but recently I returned from travelling and Im interested in buying an apartment and renting my old house (3 bed is just to big for me on my own. I Have long term tennants lined up and ready to move in (rent 1200 per mth ).
The mortgage on my house is for 160k but the house is worth over 320k.
the apartment is 270k
I am in full time employment since I returned for the last three months and its a very stable long term job. 40k and bonuses. No credit cards but a loan of 5k.

Now the question because my employment is so short and the details I have giving is it even worth trying?

Thanks in advance everyone

J
 
Presumably you have a probationary period?
If so, you will need to finish this (or get it waived) before you can drawdown on your mortgage.
You can put a loan offer in place and secure a property but until the probationary period is finished you cannot drawdown.
Affordability will be tight.
If you go are happy with going on a 5 year fixed rate then it could work but you need to be sure that this is a 5 year plan due to penalties involved in redeeming mortgage within the 5 year period.
 
You must log in or register to reply here.
Back
Top