Lender that will take FUTURE rental income into account?

CaptainHangover

Ahhhh yeah thats what I thought he might have ment. With regards to ignoring it all together from the 2nd mortgages point of view this is never going to be an option as the difference is to great. So we are treating it as having a second mortgage and having the first one listed as a comitment.

Although it would be nice if the ignored it as a commitment it would take to much from the 2nd deposite and im guessing ive have to switch my mortgage on my appartment as im pretty sure im not allowed to overpay a massive chunk. I pretty sure im only allowed to overpay 500/month.

CaptainHangover

getmore4less wrote: »

Remember your current mortgage will be repayment, idealy in a rental situation you want to base the numbers on interest only(and factor in rate rises) to see if the place is worth renting.

£150k and £575 rent is gross yield of 4.6% which is on the low side, if rates rise you start losing money.

If I was going to rent long term Id think id want to own it at the end of the reamining 22 years. Im not really coming at this from an investment angle tho as im more interested in getting a house that has a huge discount on it. I may be sick of the bother of renting the appartment 5 years down the line and sell it. Ill probably even leave it sale or let, thats a big IF the sencond place comes off.