Help, renting, buying goober!

murphy._2

I have a couple of problems, both myself and other half have mortgages of approx 80k each on svr, I have permission to rent my property out which have been doing for a few months now, payments cover the mortgage.

we want to buy a joint property but in current market ours won't sell so wanted to hold on to them for a couple of years until they do, renting them out.

1) is there a limit on how long you can keep a property on svr if your not living in it, or is it up to the mortgage lender?

2) is our chance of getting a mortgage likely to be affected by the fact we both have another property each?

any suggestions gratefully accepted!!

BitterAndTwisted

I don't know the answer to question one but the answer to question two is yes, it will be affected. Even though you have tenants in now covering the mortgage payments this may not necessarily continue to be true so therefore your liability for the mortgage payments continues. You only have to read the threads on here or on the landlordzone forum for a while to get an understanding of how quickly and radically circumstances can change, so would you fancy paying three mortgages with no rental income?
Of course, if you both earn in excess of £100k per annum each this might be different