Tricky mortgage question...

matt30

Hello everyone,

I was fortunate enough to purchase a two bedroomed terraced house several years ago through some inheritance I received. The property was valued at £105,000 at the time however I suspect currently the value has decreased a little.

I now live and work in London and am keen to gain a mortgage to purchase a property for around £250,000. My question realtes to will mortgage lenders take into consideration my terraced property when considering my loan application? I am unwilling to sell the property as it brings in a regular additional rental income.

My salary currently is £47,000 pa

Many thanks

lh123_2

I recently applied for a mortgage while still owning (and letting) my previous property - they took into account the rental income (less my mortgage payments) when calculating how much they'd let me borrow, so I believe it should work in your favour.

lvm

They tend to be fine...some may ask to see your rental agreement as proof and if you're looking to same company for mortgage for new house they might want to make sure you've changed to B2L mortgage or have their permission to let.