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Mortgage for loft conversion
I_am_not_a_banker...
Posts: 2 Newbie
Hi this is my first post......I am thinking that what I want to do it not going to be possible but I hoping you might be able to tell me otherwise!
I am looking to raise around £35k for a loft conversion on the house that I live in with my wife. We have a joint fixed rate mortgage on the house with around a 80% LTV and around 3 years remaining of the fixed rate.
We have a second house that is owned outright with no mortgage that we are currently renting out. I was thinking of raising the money for the loft conversion with a new mortgage on this property.
The trouble is while my wife is in a full time job, I left mine around 18 months ago to setup a new business which is only recently started to pay a wage, what do you reckon my options are?
I am looking to raise around £35k for a loft conversion on the house that I live in with my wife. We have a joint fixed rate mortgage on the house with around a 80% LTV and around 3 years remaining of the fixed rate.
We have a second house that is owned outright with no mortgage that we are currently renting out. I was thinking of raising the money for the loft conversion with a new mortgage on this property.
The trouble is while my wife is in a full time job, I left mine around 18 months ago to setup a new business which is only recently started to pay a wage, what do you reckon my options are?
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Comments
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Raising the money on the rented property should be based on the rental income rather than your earnings, though lenders do like to see that you have an income, just in case you have no income from tenants.
A broker would know which lenders would consider this.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Raising the money on the let out poperty should be straightforward
With a £35k mortgage against an unenecumbered property I'm assuming a low LTV will be needed and the rental income will be more than sufficient.
Also your wife's income should meet the minimum income requirements needed by some lendersI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks guys for your replys, I will see what my local mortgage advisor can tell me. Feeling a little more positive now!0
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