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Mortgage advice on rental income (application)

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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

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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 Adviser
    You 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.
  • toonfish
    toonfish Posts: 1,260 Forumite
    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
    I am a Mortgage Adviser
    You 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.



  • smiley21_uk
    smiley21_uk Posts: 18 Forumite
    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
    herbiesjp Posts: 8,499 Forumite
    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 Adviser
    You 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.
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