mortgage for new house

pete50_2

Hi everyone

im looking at buying another house in the very future.i currently have a mortgage on the house im living in. (55k remaining/mortgage £340PM)) of which i'm going to rent out for £100p/w.does anyone know what roughly my max mortage would be that i could take out for a another house? i earn approx 38k p/a with no debt apart from the mortgage above
any help appreciated
pete

GMS

Depends on deposit, age, term, credit scoring, number of dependants etc etc

You would need consent to let from current lender or remortgage to a Buy to Let product.

If you need to raise a deposit for the new purchase then you may need to look at the Buy to Let options for the current property. Do a 'Let to Buy' type of transaction.

pete50_2

deposit im looking at approx 15k,age 37.no dependents,and excellent credit score,never missed any payments on anything

Thrugelmir

pete50 wrote: »

does anyone know what roughly my max mortage would be that i could take out for a another house?

Do you have a deposit saved for the purchase of the new property?

pete50_2

i'l have the 15k saved in the next few months,most of the properties that i was looking to move to are priced in the 115-130k bracket so i thought 15k should be a reasonable deposit to aim for,my only bugbear is will i be able to get a mortgage for this amount whilst also having a 55k mortgage on a property i'm letting out?