how many mortgages can i have

zzxxcc1122

i currently own 2 properties. one is joint with my partner and the other i own.

my family home is mortgaged an about 50% ltv total outstand £47 k
the other flat is 60% ltv outstand £26k

i currently earn £14k


doesn anybody know the likliehood of buying another property loads of bargains around

htb

It may depend on the mortgage and the provider, some will take the rental income into consideration, others will work on your income.
My husband and I have 2 mortgages (1 rentals and our home 25% ltv; 45% ltv) and we have just been approved for a third mortgage for a rental at 75% ltv.

holly_hobby

So you have a mge on your main residence - which your household earned income (from lenders point of view) supports.

You have a flat - which sounds like its rented out. Presume its on a Buy To Let (BTL) mortgage - and all the legals re tax etc are in hand

You want to pch a further property - I presume to also rent out ?

When I was involved in placing mortgages there were BLT lenders who allowed you to have up to 5 BTL mortgages & properties (dependant on the total mge borrowing being less than a specified fig (1m with the lender I am thinking of - who has since gone the wall unfortunately). Once you went above this amount of properties and mge - you were considered a professional landlord - and were reqd to operate the rental of the properties under a ltd company status. (you're not at this stage of course - nor do I know if this type of criteria is still prevelant with the BTL lenders that survived the meltdown ... a current adviser on the board will be able to tell you that)

In this particular instance - you are looking at a BTL lender who judges affordability on the assumed rental income (normally 125% of the rate, if not on a long term fixed product).

I do know BM solutions are still in the market - but from memory are broker access only - in any event you want to seek a whole of market broker to ensure you get the best deal from the most suitable lender, who is happy for your to retain your existing BTL property & mge (as long as demonstrated it is totally self sufficient)

Hope this helps

Holly