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second mortgages

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  • second mortgages

    last year me and my partner bought our house with the councils right to buy,with our discount and deposit our mortgage is around half what the property is worth(property worth only 85,000 and our mortgage is around 40,000.
    we would like to move but cannot sell the house for another 4 years.

    i am not sure how it works but is it possible save a deposit to get a second mortgage and keep this house to let out?
    everything i have read suggests that you have to remortgage your current home which for us is usless its worth very little.
    our current house is too small for our family and ideally would like to move asap


  • #2
    Re: second mortgages

    You would have to check the terms of the right to buy scheme as I am unsure if they will allow you to rent the property out. If you were to do that then they may request for the reduction you received in the first place to be repaid. Might be worth a quick call to the housing association.
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