Do mortgage offers take into account ones assets?

the_root_of_all_evil

do mortgage offers take into account ones assets?

so i go into the bank looking for a new deal based on these facts

131000 mortgage loan (for the home were i live) currently costs 650 per month

also have a house that i own out right worth 50 k that brings in 500 rent per month

my wages, self employed 800 per month

my out goings are 300 per month plus the mortgage

is there a company out there that will provide a remortgage to me including the fact that i own another house and it brings in a good income?

TEDDYRUKSPIN

Yes, if you can prove that you pay the tax! If you register the rented house via the HMRC, you should have your tax receipts. So before tax, you should have at most £6k from the rented house.

If not, they can not add this on.

Thank goodness, self certification has gone!

ILW

They will not take the asset into account, but they should take the income from that asset. (Assuming it has all been declared for tax etc.)

mortgagemicroscope

the_root_of_all_evil wrote: »

do mortgage offers take into account ones assets?

so i go into the bank looking for a new deal based on these facts

131000 mortgage loan (for the home were i live) currently costs 650 per month

also have a house that i own out right worth 50 k that brings in 500 rent per month

my wages, self employed 800 per month

my out goings are 300 per month plus the mortgage

is there a company out there that will provide a remortgage to me including the fact that i own another house and it brings in a good income?

Yes, as stated if you can prove this income then to most lenders it is an acceptable stream of revenue and can be utilised for mortgage purposes.

the_root_of_all_evil

mmm, its only in its first month of rental, but i see what you mean thanks.

heres a golden question for you:

do you think its worth paying a 2400 exit fee, to get out of a fixed 5.99 mortage

and get onto a 2.99 variable?

or willl i be shooting my self in the foot as rates will rise soon after xmas?

crystal ball time i know!