Hi

A summary of my position :-

I own a property outright of approx value of £85k. I wish to buy another property for £110k. My annual salary is £17k.

I am having problems selling my current property in order to buy the new one so am now considering keeping my property and re-morgaging/releasing equity from it to help towards buying the new property. I would then need to take out a new mortgage for the new property in order to buy it.

My plan is to release £35k from my current property and use a mortgage of £55k and savings of £20k to buy the new property.

My question is - Is it possible to do this in order to buy the new property and would it be the best solution. If not, what would be the best options for me in this position.

My current proerty would obviously be rented out for £400 per month which would cover the mortgage.

Many thanks for any advice.