Joint Mortgage with First Time Buyer question?

moneyspendinexpert

If I was buying a property with a first time buyer, as our joint incomes would easily be acceptable for the amount of the loan, but I already have a mortgage on another property; how would this be viewed by the majority of lenders?

Could we still possibly benefit from any first time buyer deals/rates?

Would my existing mortgage detract from my 'borrowability'??

Thanks in advance for all your valuable responses!

kinglewis

Your existing mortgage will reduce the amount you can borrow as your affordability will be lower... but its not impossible if your income covers it.

Whether you can lend at first time buyer rates will vary from lender to lender.

moneyspendinexpert

affordability...!

thats the word I was looking for!!

thanks a lot, makes sense.