Newbie here - mortgage advice please!!!

kinvig

Hi - I've been trying to get some genuinely informal mortgage advice but without much success. Was hoping someone on here might be able to help me.

I have a property in London NW3 worth about 400k - deposit 90k, just been paying interest-only so far. Want my elderly mother to live with us (me, wife, one child so far) which would mean buying a new property maybe in the commuter belt. My question is whether I could keep my flat, rent it out, and be able to buy the new house. My mother will be bringing about 200k cash into the deal.

The difficulty is that our household annual earnings are a bit of a mixed bag. Need to hire an accountant to help sort things out/make earnings more transparent for potential lenders but at present the income only looks like being about 60k gross and that's including my wife's income and she has a terrible credit rating. Our actual net income is more than this figure, but that's presumably irrelevant so far as lenders would be concerned, hence the need to get an accountant.

Thanks to anyone who has read through so far! Any constructive thoughts as to my options would be most welcome.

ACG

Are you self employed?
If so you ideally need 2 years accounts maybe 3 (You could get away with 1 years if you have a 25% plus deposit but the moreyou have the easier it is).

Im from Manchester so london prices to me mean very little.
If your mother is going on the Mortgage then that will be taken into account with the length of term you can have. Income wise it would usually be about 4x your gross figure (maybe more, maybe less).

However yes it would be possible to do.

Also need to know a bit more about the purchase price of the new property and what adverse your wife has (type eg defualts, ccjs - how much for, when registered and when or if satisfied)