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Mortgage advice, BTL, residential, newcomer

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  • Mortgage advice, BTL, residential, newcomer

    Hi,

    My wife and I currently live in our own home approx value £200k with £70k left on mortgage.

    We own an additional property outright, no mortgage with a rental income of £510 pcm

    Our combined income is approx £54k, with no major debts couple of K on credit cards, without rental income.

    We would like to buy a new house, keep existing one and let it out, change to BTL. We estimate a rental of between £650-700 pcm

    I have a prelim chat arranged with mortgage lender, but in the meantime would like to know of anyones experience of doing this. Do they consider rental as income and are there any sites I can use to get an idea of what we can lend.

    New house we have in mind is on market for £310k, but imagine our offer would be in the £250k region.

    Thanks in advance

  • #2
    Re: Mortgage advice, BTL, residential, newcomer

    Some will consider it as additional income but may want accounts, and some lenders may consider you a professional landlord, some won't & some lenders may not lend on that basis whereas some will. Most new BTL mortgages require max 75% ltv
    View Mortgage FAQ's, including Lifetime Mortgages FAQ.

    www.releaseequitymortgage.com

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