Looking for a bit of advice or if anyone else is/has been in a similar situation.
Married with 3 kids.
Both of us had purchased a 2 bed close to the peak of the bubble prior to meeting. These are now both in negative equity but rented out and more or less washing their faces with respect to rent covering mortgage. In fact, if rents keep rising, they may turn a profit in day to day terms soon.
We are currently renting house as neither property is suitable for our family.
Question is, what chance of one day getting a third mortgage to buy a family home? There is no realistic prospect of selling either property without negative equity in the short to medium term.
We have managed to cover the mortgages on the 2 properties without using the rent for the past year (i.e. we are saving the rent and paying mortgages and our own rent out of day to day income).
I know that banks don't generally count rental income as secure income, hence the above.
Is there any hope? Or are we destined to be permanent landlords and tennants at the same time?
Thanks in advance for any advice!
Married with 3 kids.
Both of us had purchased a 2 bed close to the peak of the bubble prior to meeting. These are now both in negative equity but rented out and more or less washing their faces with respect to rent covering mortgage. In fact, if rents keep rising, they may turn a profit in day to day terms soon.
We are currently renting house as neither property is suitable for our family.
Question is, what chance of one day getting a third mortgage to buy a family home? There is no realistic prospect of selling either property without negative equity in the short to medium term.
We have managed to cover the mortgages on the 2 properties without using the rent for the past year (i.e. we are saving the rent and paying mortgages and our own rent out of day to day income).
I know that banks don't generally count rental income as secure income, hence the above.
Is there any hope? Or are we destined to be permanent landlords and tennants at the same time?
Thanks in advance for any advice!