Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Buying property

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.

    Thanks

    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.
    Anthony
    Compare the Mortgage Market
    http://www.comparethemortgagemarket.com

    Comment

    Working...
    X