Moving house but want to rent old house&get new morgage?!?

tonybowen

I'm moving to Oxford from London in the Summer.
I'm moving in with my Amazing Girl Friend (Wish me luck)
She would like to keep her house in London and rent it out!
The money made from this would help pay for new property, and I won't be renting any more saving £700ish +rates alone!

But we don't know if it will be possible to get a morgage on a second property!

I'm self employed (Musician) and I make a reasonable amount from teaching and gigs! But think this will mean I won't be able to get a morgage!

Any useful tips, would be greatly appreciated.

nrsql

Are you planning to have a mortgage on the London property?
It's probably best to have one. As long as the rental income covers it plus some (I like to leave a lot for comfort) then you can get a buy to let on it and hopefully the tax liability will be reduced.
That leaves a deposit for the new house and if you pick the right lender they will ignore the rental property as the mortgage is covered by the rent.

As long as you have a few years accounts lenders tend to understand self employed now - otherwise there is self certification but that will probably come at a price.

tonybowen

My girl friend has a fantastic track record for her income, I've been off the radar for a bit but became official in September, so my accounts are all legit now (Not that they were'nt before they just didn't really exist)!

What is the self cert thing you speak of?

She has a morgage so its good to know that we/she should be able to get a morgage as the other will be covered by rent!

I'll have to look into the tax implications, thanks again!

Tony