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Buying a second house for work
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kams
Posts: 2 Newbie
We own a house in the UK and I had to move abroad for work, so we got a consent to let from the lender and rented it out. We're planning on coming back to the UK, but I will be located in a different city from where our house is.
Renting a place when we come back will be much more expensive than paying a mortgage, so we'd like to buy a house for when we come back to British shores. We have a deposit of 25%, but I'm not sure whether we can get a mortgage or not because we already have a house.
Would a lender disregard the existing mortgage when assessing how much we can borrow? The rent is currently around 2x the monthly mortgage repayment.
To add another matter into the mix, my OH won't be working when we get back, so won't have an income to put towards the mortgage. The mortgage amount we're looking for is around two times my pre-tax basic income and the mortgage balance on the current house is just over one times that.
Any help would be much appreciated.
Renting a place when we come back will be much more expensive than paying a mortgage, so we'd like to buy a house for when we come back to British shores. We have a deposit of 25%, but I'm not sure whether we can get a mortgage or not because we already have a house.
Would a lender disregard the existing mortgage when assessing how much we can borrow? The rent is currently around 2x the monthly mortgage repayment.
To add another matter into the mix, my OH won't be working when we get back, so won't have an income to put towards the mortgage. The mortgage amount we're looking for is around two times my pre-tax basic income and the mortgage balance on the current house is just over one times that.
Any help would be much appreciated.
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