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How can I buy another house when renting my current home?

I am finding it difficult financially at the moment and I want to move to a cheaper house but with the current market being what it is would it be better to rent out my current home? If so how does this work if I want to buy a cheaper home and keep my current market and hope that the rental value will cover my existing mortgage?

Asked on Aug 6 2011, Renting in Oldham | Report content

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  • You will need to speak to a independent mortgage broker who can provide you with information on the best options available.

    Answered on Aug 8 2011, Report content
  • It used to be possible to get a specialist "Let to Buy" mortgage. You needed to get a rental valuation letter from a reputable Letting Agency, as part of the mortgage application process and as long as it confirmed that the rent achievable covered the cost of your new mortgage, then you'd be ok. However, not all mortgage lenders are willing to do this type of mortgage, and the market may be further limited by current conditions. You need to see a specialist mortgage broker who is independent. Try Acumen IFA in Chadderton.

    Web reference:

    Answered on Aug 8 2011, Report content

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