Will mortgage company take into account another property??

JulieH

Hi all, we are now mortgage free (yay!) and in the next 6 months or so will be looking at moving. We are toying with the idea of buying another house to live in, and keeping our current house to rent out....obviously depending on finances at the time!

We will need a certain amount on mortgage for a new house, but will the mortgage lender take into account the owned property and rental income as part of our total income? Or will be they only take salary into account?

Thanks in advance!

herbiesjp

As the property is mortgage free, some lenders will take into account that extra rental income.

Different lenders will take into account different amounts of that rental income.