Property Developing

[cambridgefox]

Ive been wondering about this now.

Is it possible to remortgage your existing property to buy a second one?.

i think you have to do it as a separate second home mortgage,using the equity on your existing house.They are more expensive than a normal mortgage too im led to believe,my mrs could tell you but she is away for the week and im sure a few on here could correct me if im wrong.Jon the Hat seems like a man who would know.

[Mack]

I was talking about a second home.

So you already have one house and want to buy another?

I think I am right in saying you can only borrow against the part of your existing property you actually own, so you'd need to be a good way clear on the mortgage and have a decent chunk of equity in your existing property.

It's hard to predict if this would be a sound investment currently. IF Greece exits the euro and it causes the mayhem in the Euro zone that is predicted it could send us into a depression along with the rest of Europe, and who knows what will happen then.

It seems the clever money of late has been in gold, but that has topped out now it seems, most of these things are down to timing and having the right info at your disposal.

[The Year Of The Fox]

So you already have one house and want to buy another?

I think I am right in saying you can only borrow against the part of your existing property you actually own, so you'd need to be a good way clear on the mortgage and have a decent chunk of equity in your existing property.

It's hard to predict if this would be a sound investment currently. IF Greece exits the euro and it causes the mayhem in the Euro zone that is predicted it could send us into a depression along with the rest of Europe, and who knows what will happen then.

It seems the clever money of late has been in gold, but that has topped out now it seems, most of these things are down to timing and having the right info at your disposal.

Yes, although it'd be a joint project with a lad who currently still lives at his parents. Its only something we're talking about loosely for a start, but we wouldn't have to call in any trades from the outside as we could do most of it iurselves

[Guest]

It's all about location - no really.

In the old days a big house in the clarendon park area meant big rental money and then you still made even more when you sold it.

Don't know how things are in Leicester nowadays as I think everyone got into buy to rent but the choice of location hasn't changed. Know who (as in type of person) you are letting to and then get the area they want.