16:07 PM, 23rd August 2017, About 4 years ago 1
My partner and I are looking at moving house. Currently we own two flats which we rent out as well as the property we live in and what we would like to do is to keep hold of our current property and rent that out.
We would need around £70k deposit for our new house, I was wondering what would be the best way to fund this whilst retaining our current residence. Would we be able to get a further advance on our residential mortgage? Are there any other options for financing available to us? I would be open to selling one or both of the flats in order to keep hold of our current residential property.
Also, what would be the Stamp duty implications of purchasing the new house? Obviously we would be living in it and it would be our main residence, so would the 3% stamp duty rate for additional properties be applied on the new purchase, or could it be retrospectively be applied to our current residence as that in effect will be the second property? The house is in both of our names at present, both of the rental properties are solely in my name.
Any advice welcome, thanks in advance.
Purchase Price: £150k
Approx current value: £210k – £220k
Outstanding mortgage amount: £98k
Rental property 1
Purchase Price: £80k
Approx current value: £100k
Outstanding mortgage amount: £60k
Rental Property 2
Purchase Price: £92k
Approx current value: £100k
Outstanding mortgage amount: £75k
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