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Buying property

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  • Buying property

    Hi guys

    A quick question buying my next property. I have recently inherited a property paid off thats worth £120,000 and is currently being rented out for 500 a month. I'm making 55k pa and renting an apartment which is 400 a month not including bills. I've found a property worth 400k that is ideal for my new job. How much would a deposit cost for this property and how much equity could I take from my inherited property.

    Sorry if these questions are basic, guys. New to this whole process.


    Kelly x

  • #2
    Re: Buying property

    Generally you would be able to take out between 75% and 80% of the property value, as long as you had owned it outright for 6 months & rented it for the 6 months too.

    As far as a deposit for the new property you would be very close looking at the affordability as your income of 61k (55k + 6k rental) would need to be stretched to over 5 * annual gross amount.
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