Complex Mortgage Application/Question Please

M3TTB

Hi there,

I'm after some Mortgage advice if possible please. My situation is that I've recently sold and wound up a business and so have a large deposit to buy a new home. My wife still works and earns around £70k PA. At this moment I am I guess classed as a house husband looking after our young son!

I'm after buying a house for around the £650k and have around £400k as my deposit. However we already have a mortgage on our current home of £225k. We would like to keep this house and rent it out as it would makes up approx £500 per month in additional income while still obviously paying the current mortgage repayments in full.

Is it likely that a lender would be willing to lend us an extra £250k mortgage while we still have our current mortgage? I believe we both have good credit scores, but I'm not sure how much the fact I am not working or earning any money will affect our application?

Any general advice, and suitable lenders etc would be appreciated.

thanks and all the best,
:beer:

GMS

If you can get consent to let on the current property, or remortgage to a Buy to Let then assuming the rental stacks up against the mortgage most lenders will ignore the mortgage as a commitment.

You could then apply for the new residential mortgage as if you had no current mortgage for affordability purposes.

It is a Let to Buy scenario.

Assuming affordability is passed with your wife's income alone you can apply.

Maybe worth speaking to a broker.