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Second morgage
WenJing_Fan
Posts: 1 Newbie
I am looking for a second morgage for a buy to let flat,,
Is that true that the loan I have on the first morgage plus what I want to borrow for the second one shouldn't be more than 3.5 times my annual income?
With a good renting potential, can I borrow more than that without a ridiculous interest rate?
Is that true that the loan I have on the first morgage plus what I want to borrow for the second one shouldn't be more than 3.5 times my annual income?
With a good renting potential, can I borrow more than that without a ridiculous interest rate?
0
Comments
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I would expect your residential mortgage to be assesed on your earnings (ie 3.5x salery etc). A buy to let would normally be assessed based on the rental value you could receive ( taking into account empty periods etc) and if it was sufficient to pay the mortgage.
S0
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