Getting a 2nd MortgageObtaining a 2nd mortgage
£73,000 so there is a burden of equities. I' ve always been interested in investments to generate revenue, and after working for 28 years in technical buildings engineering, which deteriorated after the contractor took over, I went to try my luck with the investment.
Having spent some cash after using several stock programs during my career, I gradually succeeded in raising it, but not so that I felt I could draw too much from it. Consequently, things are close for me and I can't take much advantage of it because I have more than is allowed for savings/investments, so although I am raising my capital expenditure, I have the feeling that I would like to get into real estate because it gives me a steady source of revenue and gives me some security in my old age, i.e. I could be selling.
So I dovetail deals within ISAâs, so no taxes to worry about, but I don't think this investment is clear enough or enough to be used to help me get a mortgage, i.e. I don't think it gives a clear figure enough to be classified as revenue. Think I can take some of that cash to use as a down payment or to build a home or maybe even both.
So, finally, that my question is quite clear in what I want to know is that I could get a mortgage to buy a place basing on my equities in my current home? If it is still possible, is there a way to get a mortgage back which is based on equities, i.e. provided that my place is £450,000 and I only have a £73,000 mortgage, I could say £250,000 to buy another piece of real estate as the bench would have shelter which knows it could get reposes and more than enough to get all the loans back?
They were trying to stop that and would have to show folks that they could afford it from their revenue but if I wanted to do this as a businessperson and have no ongoing businessperson then once I was this new asset, would make my businessperson and make my revenue available and if this worked I would be interested in getting a second asset to lease a year or 2 later but this is where I get a bit wasted because after my equities is mostly used up for the first asset how do you go about getting a mortgage for the second one?
Or do I get them confused? How do folks get to the stage where they have about 10 properties leased out with most of them having a mortgage, or do I get them confused? If I answer, I think it is best to suppose that I have no earnings and only capital plus maybe some extra moneys. any help would be appreciated since i want to do something that will take me out of my present appearance great appearance every day on papers but really has very little to live from every months, yes i know some phases on the investments say but that won't last long this way and then i will back in the same position or more likely worst so i dont find this a sensible idea, i will try to better my living standards as i go heading towards retirements, i am currently 53.