Little advice please

[costa36]

Hi , Firstly a little about myself , I'm 36 and brought my first property almost 3 years ago now , Ive since renovated it with an extra bedroom en-suite , I'm looking to get the equity from it which should be around £80,000 to buy a second property , Now with the £80,000 i presume i can use this for deposit ? Do i then still go through the mortgage process based on my income ? Lets say my income is £20,000 profit and they normally 4x this so another £80,000 totaling £160,000 is this right? So i can then start looking for my second property ?

I appreciate your feedback

Thanks

 

[realdeals]

Is the first property fully paid up? No mortgage or loans against it? Or have you simply mortgaged on the higher value?

 

[Lime Auction House]

Hi , Firstly a little about myself , I'm 36 and brought my first property almost 3 years ago now , Ive since renovated it with an extra bedroom en-suite , I'm looking to get the equity from it which should be around £80,000 to buy a second property , Now with the £80,000 i presume i can use this for deposit ? Do i then still go through the mortgage process based on my income ? Lets say my income is £20,000 profit and they normally 4x this so another £80,000 totaling £160,000 is this right? So i can then start looking for my second property ?

I appreciate your feedback

Thanks

That is correct.
However, have you thought about buying several properties with a smaller deposit, with the rest on a Bridge or Mortgage? As long as you have a high yielding investment property, it makes your cash go further.