Applying for Remortgage

Rocket1971

In brief:

Property 1 - selling for £289995.00 (mortgage of £175000.00)
Property 2 - valued at £300000.00 with a mortgage of £45000.00 on it, not selling but renting out with income of £1200.00 per month.

Salary 1 - £32000.00 with guaranteed bonus of £6000.00 per year
Salary 2 - £20000.00

Ages 40 and 52

Additional income of £130.00 of child benefit

How much are we able to borrow for new home purchase?

Thanks in advance

trulysaintly

Rocket1971 wrote: »

In brief:

Property 1 - selling for £289995.00 (mortgage of £175000.00)
Property 2 - valued at £300000.00 with a mortgage of £45000.00 on it, not selling but renting out with income of £1200.00 per month.

Salary 1 - £32000.00 with guaranteed bonus of £6000.00 per year
Salary 2 - £20000.00

Ages 40 and 52

Additional income of £130.00 of child benefit

How much are we able to borrow for new home purchase?

Thanks in advance

Hi Rocket,


Very difficult to estimate on here as you don't mention any other existing financial commitments or the proposed purchase price/deposit of your new residence.


The amount of deposit will, if 25% or more, give lenders more flexibility to increase the loan amount.


Sorry I can't be more specific on here but these days it is all down to your personal circumstances - many lenders need a breakdown of your other monthly expenditure (household bills etc) before confirming an accurate figure.

Please PM if you'd like more clarification.