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Advice on Second Mortgage Options Please...
SteveX_2
Posts: 1 Newbie
Hi All,
I’m looking for your thoughts and experiences regarding mortgage options please.
I’m 35 and have a 3-bed house in Surrey worth around £220K with a mortgage of £170k which I use as a crash pad when I’m working down there with the other 2 rooms rented out to give me £1K a month. The mortgage and bills are easily covered and I’d really like to leave this all as it is.
The other half and I have a joint annual salary of around £70k (me £50K, Mrs £20k), no debts and a £100k deposit and we’re now looking to buy a 3-bed family home in North London/Herts to settle and start a family.
Before we approach lenders, we were wondering what people’s thoughts/experiences were on how much they’re likely to lend us. The “dream” scenario would be a mortgage of £250k-ish against a house we buy for £350k-ish (nice house, nice area) or is it more realistically likely to be a £200k-ish mortgage against a £300k-ish house (not as nice house in a not as nice area)?
Also, I’m happy that my house looks after itself as it is so are lenders likely to have any issues with it staying as it is – ie will I be able to keep this on a residential mortgage and get another residential mortgage?
Finally, the Mrs is a First Time Buyer and I’m obviously not so am I right in thinking we wont get a FTB deal?
Any thoughts or suggestions would be appreciated.
Many Thanks
Steve
I’m looking for your thoughts and experiences regarding mortgage options please.
I’m 35 and have a 3-bed house in Surrey worth around £220K with a mortgage of £170k which I use as a crash pad when I’m working down there with the other 2 rooms rented out to give me £1K a month. The mortgage and bills are easily covered and I’d really like to leave this all as it is.
The other half and I have a joint annual salary of around £70k (me £50K, Mrs £20k), no debts and a £100k deposit and we’re now looking to buy a 3-bed family home in North London/Herts to settle and start a family.
Before we approach lenders, we were wondering what people’s thoughts/experiences were on how much they’re likely to lend us. The “dream” scenario would be a mortgage of £250k-ish against a house we buy for £350k-ish (nice house, nice area) or is it more realistically likely to be a £200k-ish mortgage against a £300k-ish house (not as nice house in a not as nice area)?
Also, I’m happy that my house looks after itself as it is so are lenders likely to have any issues with it staying as it is – ie will I be able to keep this on a residential mortgage and get another residential mortgage?
Finally, the Mrs is a First Time Buyer and I’m obviously not so am I right in thinking we wont get a FTB deal?
Any thoughts or suggestions would be appreciated.
Many Thanks
Steve
0
Comments
-
On what basis do you let the rooms?
Do you declare the rental income?
Do you have consent to let from your lender?0 -
If using "rent a room" this would have to change.0
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