Currently I am equity rich, income poor.[
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So How do I get started?[?]
I am thinking that I should sell and rent and use the equity to purchase my first IP then I am hoping to use the equity in that property to get a mortgage for the next one and so on.
Trouble is, my children are happy here and if I can avoid it, I would prefer to stay put and use the equity instead. I had thought I may need to get a job to allow me to remortgage. Can anyone help me here on what would be the best course of action to take.Hi Chezzamum,
Unfortunately yes being without any income is a bit limiting. Have you thought about selling your house and renting it back for a fixed period eg 2 years?
I’d run it by a broker to see what they can come up with for you – probably cross-collateralising on your current residence would be the way to start.
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Mel
[email protected]Give us a few details and we might be able to access the best way to help you. Things like the estimated value of your home, how much to do you owe on it. What sort of income do you get and how much. What debts do you have now.(personal loans, car loans, credit cards etc)
What areas are you thinking of buying in and at what price.
This will give us somewhere to start.
Davo70
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