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cheltenham and gloucester lending...can anyone help
Deals_2
Posts: 2,410 Forumite
just been reading up on trying cheltenham . this is what it says:
"To help us decide how much to lend we take into account your income, plus 50% of the expected rental income. Alternatively, we'll make this decision based solely on the expected rental income if it is at least 100% of the monthly mortgage interest payment based on the Bank of England base rate, currently 5.25%, plus 1.00%."
what do they actuelly mean? we have a property worth £325K with 100K equity but this is rented out. the mortgage has been covering the rental (not much extra) .
"To help us decide how much to lend we take into account your income, plus 50% of the expected rental income. Alternatively, we'll make this decision based solely on the expected rental income if it is at least 100% of the monthly mortgage interest payment based on the Bank of England base rate, currently 5.25%, plus 1.00%."
what do they actuelly mean? we have a property worth £325K with 100K equity but this is rented out. the mortgage has been covering the rental (not much extra) .
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