First Time Buyer in London - Renting Rooms. Advice Please

minki_2

I am looking to buy my first property. I am currently earning £33,700 p.a. and I have £25,000 in savings.

It seems that with my income alone, the highest mortgage I can apply for is in the region of £135,000.

Ideally, I would like to buy a two-three bedroom property and rent out the spare rooms, which in London would give me an additional income of at least £1000 a month. Therefore, I would like to buy a property that has a higher value (£160,000-200,000).

Is this possible? If so, which type of mortgage would I be applying for and how would I reflect this extra income in the application?

Any advice would be much appreciated!


Edited to add: My parents own a property worth £250,000 and they would be willing to act as guarantors if possible. Is this another route that could be taken?

VIGILANT22

You can't obtain a mortgage on the basis you might rent a room. Also pls note some lenders and insurers will not give permission for this...
Parents can act as guarantors... as long as they fit the criteria of the lender.....each lender has their own criteria
See a whole of market adviser who will be able to advise on what lender offers what........