mortgage question

kara_p_uk

Hi,

We currently have a C&G mortgage on their standard variable rate. amount outstanding 133000. Our property recently valued at 175000 so would have 42000 from house sale. We have about 20000 in savings. Would need to use some for fees when purchasing property.

We are looking to buy a house for 250000 so would need mortgage of about 200000. Our income is about 50000 a year, not including things like child benefit and an NHS student bursary of 4000 per year i currently receive. I'll also get about 2400 a year for 3 years from student loans company.

would we be better off porting the existing 133000 and borrowing the remaining 67000 on a new product?

Is there anyway we could consider a buy to let mortgage on these figures if we rented out the original property for £850 a month?

Help!

Thanks

VIGILANT22

With a buy to let property it is the surveyor who determines the income for lending purposes & advises the lender (you can charge what you want). Normally rental has to be 125% mortgage payments (based on an interest only mortgage)
Max borrowing for a BTL 75%........