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Mortgage Help!
Confused_house_buyer
Posts: 1 Newbie
Can someone help me!
My partner has a house that is currently on the Market. He has tenants living in there at present although it's not a buy to let mortgage. His lender knows it's rented out. The rent more than covers the mortgage.
We have found a house we want to buy and our offer has been accepted. The vendors want a quick sale as the property is vacant. We have the money to put down a 10% deposit now, before selling the other property. Would we be able to get a mortgage for the new place although the other property hasn't sold?
My partner has a house that is currently on the Market. He has tenants living in there at present although it's not a buy to let mortgage. His lender knows it's rented out. The rent more than covers the mortgage.
We have found a house we want to buy and our offer has been accepted. The vendors want a quick sale as the property is vacant. We have the money to put down a 10% deposit now, before selling the other property. Would we be able to get a mortgage for the new place although the other property hasn't sold?
0
Comments
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If you both fit affordability/crieteria/credit checking.....no reason why not.....with only a 10% you're not going to achieve very competitive rates........0
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You would to check with whoever was providing the new mortgage, whether the same lender or a different one.
Some lenders might disregard the rental income as it is a residential mortgage not a BTL, so your incomes would need to be enough for both mortgages.
other lenders (and your existing lender would be a good starting point) will disregard the existing mortgage on account of the rental income.
No one here can tell you. You need to ask the lender(s).0
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