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Can I get a second mortgage too move when in negative equity?

We have savings of £10000 but are home is currently in negative equity of approximately £12000. Can we rent this out and get another mortgage to move on?

Asked on Oct 23 2013, Home Finance in Liverpool | Report content

Answers (1)

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  • In short, no. A typical buy to let mortgage requires 25% equity in the property. You could pay the savings towards the mortgage which will lower your repayments and give you more equity in your property. I hope this helps :-)

    Answered on Dec 3 2015, Report content

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