Hi,
I've been living and renting in London for 3 years and have been looking for a pad to buy. I have found a place this week. Problem - I need 15% deposit to get a mortgage of 2.9%. I only have 5% currently. I also need it within a few weeks.
At home I have several rental properties. One is mortgage free (value 230000). One is in negative equity (mortgage 300k - Value 160000)- the others are LTV <75%.
I'm assuming that as I have 1 property in -ve equity And living and working in the UK I'll find it hard to rasise 75000 on the mortgage free property especially as I'm using the money to buy more property? Any comments?
Cheers guy
nbc
I've been living and renting in London for 3 years and have been looking for a pad to buy. I have found a place this week. Problem - I need 15% deposit to get a mortgage of 2.9%. I only have 5% currently. I also need it within a few weeks.
At home I have several rental properties. One is mortgage free (value 230000). One is in negative equity (mortgage 300k - Value 160000)- the others are LTV <75%.
I'm assuming that as I have 1 property in -ve equity And living and working in the UK I'll find it hard to rasise 75000 on the mortgage free property especially as I'm using the money to buy more property? Any comments?
Cheers guy
nbc