possible???? mortgage advice pls.

minimoto

Why can't you just sell youe first home?[/QUOTE]

dont think we'd get what we paid for it in all honesty, plus part of me wants to keep it as a retirement plan/extra income!

mitchaa

Home 1 = £79k
Home 2 = £110k

You will owe £189k across 2 homes with an income of £26k which is over 7x. Tax credits of £7k pa with a £26k income, I guess the majority goes towards childcare costs so cannot really be used in mortgage calculations.

You really need to sell house 1 as you are not on a high enough income to pay £189k worth of mortgage. You cannot guarantee rental income from home 1 to pay home 2 either. How would you afford both mortgage payments if you were left with a dodgy tenant/no tenants in home 1?

minimoto

i understood the calculations about both mortgages been lumped together, but thought the rent would be taken into consideration, i cant guarentee we'll always have tennants if we let the old place out but the rental market is pretty good where we are, lived here 4 years and next door is rented and longest its been empty was a month, and had about 5 different families in it in that time.

As i said dads interested in either giving us a deposit or coming on the mortgage so suppose that would be the only way forward, i just wanted to know if it was possible before approaching a lender.