Remortgaging to buy a new home?

A reader from Basildon wants to remortgage in order to purchase a new home. However, he is worried about securing a deal.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes him through the problem.

Viktoras asks:

Hi, I need to remortgage my house so I can buy another property.

All my credit history is good, but I have low income (£14,500 per year).

Is anybody can help with this?

Tony replies:

Your question raises too many questions in return for me to give you any immediate advice of value.

Why are buying another property without selling your existing one? How much are you paying on your existing mortgage and how much do you need to borrow on your new property?

Can you afford to meet the payments on both?

Lenders and brokers alike have a duty of care to borrowers to make sure that they are not entering into a financial arrangement that is unsustainable and without knowing more about your circumstances, why are buying another property and what your plans are there is little I can add, other than to recommend you speak with a mortgage advisor in detail.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority.