Mortgage advice on rental income (application)

smiley21_uk

Hi

need advice?

This is my situation:

I am currently on a salary of 35k and I am looking to borrow 210k.
(with no other outstanding debts and have 20k deposit).
I can only assume no lender would lend this much on that basis.

The problem is I would like to include potential rental income from my existing property (mortgage free) when I move out. The rental income £1600 pcm and is based in central london.

I already have one option which is to do a buy to let mortgage- but i do not want to do this as the rate is a lot higher and i can not take a mortgage protection in this situation.

I rather take the mortgage on the new property, Does anyone know a mortgage company that would accept rental income as a source salary (even though i have no history of accounts)?

many thanks

herbiesjp

There are lenders that could look at taking this income into account.

There are also some lenders that may stretch to the mortgage amount you want based on your income.

Is the purchase price £230K less the £20k deposit?

toonfish

tc8764 wrote: »

the Guild of Independent Mortgage Advisers
they can help .
they are fully independent and dont charge any fees

hope this helps

they look like a bunch of non-compliant clowns to be honest

smiley21_uk

herbiesjp wrote: »

There are lenders that could look at taking this income into account.

There are also some lenders that may stretch to the mortgage amount you want based on your income.

Is the purchase price £230K less the £20k deposit?

Yes, that is correct

herbiesjp

You may need to increase your deposit to 10%, but I think you should be able to find some lenders to stretch to the amount you are looking for

It will be dependant on your circumstances though

Have you spoken to a fee free whole of market adviser yet?