We are relocating in the Autumn for DH's work. We currently have two properties - family home and investment property. Our gross salaries are approx 140K. We have 225K left on family home and 82K on investment property. Family home is in a great rental area and we should be able to rent it all year round and cover the mortgage.
We would like to buy a family home when we relocate. What are the chances of a bank giving us a 3rd mortgage? Both investment properties would fund themselves through rental. We have had the 1st investment property for 11 years and have a rental track record. We also have some savings to cover mortgage payments should the properties be empty for any time.
Is this just a pipe dream or would a bank consider giving us a mortgage?
All advice appreciated.
Many thanks
We would like to buy a family home when we relocate. What are the chances of a bank giving us a 3rd mortgage? Both investment properties would fund themselves through rental. We have had the 1st investment property for 11 years and have a rental track record. We also have some savings to cover mortgage payments should the properties be empty for any time.
Is this just a pipe dream or would a bank consider giving us a mortgage?
All advice appreciated.
Many thanks