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To sell or not to sell?

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  • To sell or not to sell?

    I currently own and live in a house which would propably be worth around £120k. I do not have a mortgage on this house.

    I would like to move house - buying one using a mortgage - of around £160k-180k.

    Is it best to try to sell my current house in order to move, or to rent my current house at say £400-450 per month and using this to pay part of the larger mortgage?

    Can my current house be used as collateral on a larger mortgage?

    I'm struggling to get my head around all the options and types of mortgage.

    My household income is not high - around 28k, but I would have a good guarentor.

    Can someone give me an idea as to what colateral of the first house would boost a mortgage amount by? Or what difference a good guarentor makes to a mortgage amount?

    All help appreciated.

  • #2
    Re: To sell or not to sell?

    If you own your own home to the tune of £120k, then this obviously helps as you effectively have a deposit of £120k for a new property!

    In which case, if looking to move and need £180k, that would mean just a £60k mortgage.

    Did I read that right?