My house is worth £120,000 and I do not have a mortgage.
I am 66 yrs old and have an income of £23,000 pa.
I cannot sell my house in the current market but I want to buy a flat for £90,000.
Is there a product out there that I can obtain that would allow me to buy the flat utilising the equity in my home, keep the house and rent it out (for £550 pcm)

Many Thanks

Hi there,

From the details you have given that will definitely be a possibility. There are two options for you. Number one is to raise a residential mortgage and number 2 is to raise a buy to let mortgage. I would need to discuss you situation in detail to know which is the best option for you.

The income your current main home would generate through rent will be sufficient to cover the £90,000 mortgage interest payments and you have sufficient income yourself to ensure you will fulfil lenders lending criteria.

Your age will restrict the pool of lenders you have to choose from, but there will be a lender out there willing to lend to you.

However this response is _base_d on the few details you have provided and a much more detailed discussion would be needed before I could be certain that you could obtain the loan.

I suggest speaking to an independent mortgage brokersuch as myself. Feel free to look at my company's website via the _link_ above and then contact me on 0845 230 9876 for a free confidential chat.

Hope that was helpful and hope to speak to you soon.

Dan