We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage advice on rental income (application)
Options

smiley21_uk
Posts: 18 Forumite
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
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
0
Comments
-
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?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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 honestI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
-
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?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards