Monday, May 12, 2014

Can I use my house in Spain as a deposit/ equity on a new property in the UK?


Hi. I'd like to buy a property in the UK but am currently on a debt management plan with balance still to pay of £20k and therefore my credit score is poor. However, I own a property in Spain outright which is worth 300k euros. I also already have a mortgage for £130k on a house which I currently rent out but am in the process of selling. Based on the fact that I own the property abroad, already have a mortgage and have an annual income of £50k, I'd like to know if I'd be given a mortgage and if so, how much I'd likely be able to lend. Thanks.

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