We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Mortgage Advice

Mr_Jackson
Mr_Jackson Posts: 3 Newbie
in Mortgages & endowments
Hi All,

I am new to this forum and I seek forum advice please. If I own two properties out right and have no mortgage on them am I able to use the income gained from them to obtain a mortgage for a third property ?

Any advice would be appreciated in this matter.


Regards

Jackson

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    So long as declared to HMRC, with some lenders yes..

    Some buy to let products do not require an income though, for information...

    All the best
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Are you looking to get a mortgage for a residential property or one to let?

    If residential would you not consider remortgaging the 2 now and buying for cash?
    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.
  • Mr_Jackson
    Mr_Jackson Posts: 3 Newbie
    Remortgaging seems like a good option, are most banks willing to do this for resdential property.

    Once the both homes a re-mortgaged I presume I can pay off the bank with the rental income!!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.5K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.6K Work, Benefits & Business
  • 603K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture