Getting a mortgage when already got one?

Skint_Catt

Hi all,

Just wondered if the fact that my boyf already has a mortgage (that he rents out) would stop us getting a mort together?

My OH already has a mortgage of £700 per month, which he rents out at £500 per month (yes I know, but long story).

My first dip into mortgages so be gentle with me!

C xx

herbiesjp

It may not stop you from getting a mortgage.

It may impact on how much they will lend though, seeing as the rent he gets is £200 short of covering his mortgage costs.

Do you have any other debts?

Have a good credit history?

Skint_Catt

I have £2k debt which I hope will be well and truly clear by the time we start looking - OH only has credit card which gets paid off in full every month.

Do you know which lenders will look at affordability?

AFAIK we both have good credit history.

herbiesjp

All lenders look at affordability

However, some will use income multiples and other will use their own internal affordability calculators will cen depend on many things

Can't say which type would be better for you.

Your best bet would be to talk to a whole of market adviser, discuss all the figures, and then let them do all the leg work for you

HTH

Skint_Catt

Whole of Market advisor - where would I find one? Is this the same as a FA?

Thanks