P
Paul1923
Guest
Not sure if this is a mortgage or investment question but here it goes.
Myself and my wife bought our current house 8mths ago and would like to buy a second property as an investment in approx 12mths time.
We are currently earning 130K combined per annum (145k including annual bonus etc). Our current mortgage is 493K with a house value of approx 540k. We have savings of 40K and we are hoping to remortage for 40K on our current property. This total of 80k would be to cover the stamp duty, 15% of the house value and legal fees.
Due to our overall commitments, we would need to have a guarantor on the second mortage to secure the loan.
Question: Is this a viable plan or are there alternative options?
Many thanks for any advice.
Myself and my wife bought our current house 8mths ago and would like to buy a second property as an investment in approx 12mths time.
We are currently earning 130K combined per annum (145k including annual bonus etc). Our current mortgage is 493K with a house value of approx 540k. We have savings of 40K and we are hoping to remortage for 40K on our current property. This total of 80k would be to cover the stamp duty, 15% of the house value and legal fees.
Due to our overall commitments, we would need to have a guarantor on the second mortage to secure the loan.
Question: Is this a viable plan or are there alternative options?
Many thanks for any advice.