Need advice! One house no mortgage, want to buy but no bites

B

Bitofapickle

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First time poster!! Need advice.

I have a house at the moment which has no mortgage that I inherited. This house is in a high demand holiday spot which would make 10-15k per annum.

However I don't live there and don't plan to. Originally I thought I would just sell it and buy straight out, but recently I've just been thinking more about it and I really think of losing out on the asset it could be. Earnings from the lettings would pay a new mortgage no problem.

My problem is my fiance has a mortgage already with his ex. He has no financial obligation on it, they have an agreement that he will stay on it so that the family home can be there for their kids. I've been told that a joint mortgage is a no go as he still has 170k on tge previous mortgage and that his debt will go against the application.

Max the banks are offering me is 112k. The house I have isn't even taken into consideration. I really don't know what to do aside from sell it at this stage, so that's what I'm asking you fine people, is there any wiggle room? Any means by which we can do this?
 
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Focus on sorting out your home ahead of your investments etc.

Sell the holiday home and buy a house with cash.

Brendan
 
Thanks so much for the reply Brendan

I'm just worried I'll do that and end up regretting it. I thought an asset like that which is making money would count for something enabling me to keep the family home while still having an investment in the future!

Sound advice though thank you :)
 
Look at it like this.

Say you owned your family home outright i.e. without a mortgage...

Would you remortgage it to buy an investment property?

I assume that you wouldn't.

What you are proposing is the same thing, only in reverse.

Brendan
 
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