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