Purchasing a 2nd property

Toocomplicated

Think I posted this on the wrong sub section earlier, apologies if you've read it before - so here goes, - we have just sold our buy to let and have raised £120k capital. We would like to purchase a larger family home but keep the home we live in now to let out.
Our home is worth approx. £130k - £150k and we owe £60k so going on the lower figure we have £70k equity. I earn circa £25k a year and my wife is currently on maternity leave and will be a stay at home mum for the foreseeable future.
We would like to use the £120k as a deposit on the new family home. What I would like to know is what figure am I likely to be able to borrow towards it? Would the bank take into consideration the rent on the buy to let?-which would be around £650 a month - (£550 a month after fees etc..)
So we have potential buy to let - £130k - equity £70k.
New home £? - equity £120k.
We would like to borrow around another £100k but I'm not sure this is doable.
We are aware rates may rise etc so are looking to factor in a 5 year fix to cover the pre school years.

Dave_Ham

Yes this is achievable, although would sit down with a broker as approaching the right lender will make a huge difference.

Most lenders are unlikely to use rental income as an extra, but will disregard the mortgage payment as a commitment..

Good luck