hi adrian,

thanks very much for your reply. i am a bit confused right now. i want to buy another house as we have to pay the rent £700 & we can stretch further £300-£500 for mortgate. & really dont know if we can have another mortgate as only my husband working. My parents said they will help the deposit (25%) around £36k

Jessica

I would suggest not swapping to Buy to let - just ask Abbey for permission to rent the house out.

They should say yes if you explain the situation - no job, stay in house. New job, but have to move.

That'll save you paying the redemption penalty with Abbey plus a BTL mortgage will probably be unavailbale at that loan to value anyway.

I would recommend seeing a mortgage broker when the time comes to buy the new house - you will be after a mortgage that the broker will be able to source pretty quickly.

Good luck

Adrian

hi,

i am writing to ask anyone can help. my husband had a new job & we had to move, because of the house market we can not sell & have to put on rent, it is £525 pm, & we have to pay 10% management for estate agent, & we pay £714 pm mortgate, the house value in July is £100,000 from the bank, we now have around £83,000 left, fix rate nearly 7% for 3 years with Abbey, will end at July/Aug 2011.

My husband income is £33,000 a year, we think about change our house mortgate to BTL mortgate & save up to get deposit for another house around £120,000. right now we have to pay the rent £700 pm.

i dont know how to work out how much money we need to do that. My parents will help.

anyone know please help.

thanks in advance,

jessica.