I'm easily confused but

...if you own yours outright, how can you get a mortgage on it? Didn't know you can do that, so new one on me.

Can you afford the mortgage on the new place after paying your deposit? You can probably use the rental income as part of the affordability calculation but I'm unclear why you need a second mortgage, unless you can't afford the new place.

I take it you don't want to sell? Looks like you'd have a very small mortgage if you did sell/use savings. Your LTV would allow you to pick and choose mortgage product, so I doubt you'd pay much and could probably hang on to most of your savings too

Posted By: Jester, Jun 27, 18:16:20