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mortgage query
trackers_trojans
Posts: 38 Forumite
Can anyone advise me i have two properties currently living in one the other is nearly finished being renovated the mortgage to cover these properties is around 570 a month in total, i would like to move and was wondering if i rented both properties out , they would probably achieve almost 900 in total could this income be used towards securing a mortgage. Thanks 
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Comments
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Probably not. If the rent has a mortgage to cover, the best you can normally hope for is a lender ignoring the let property/mortgage as "self financing."
If there was no mortgage, you might get some of the rent added to income, but probably not all of it.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Some lenders will take the net profit of a rental into account, but need some evidence and history of it. I gave copies of tax returns and bank statementsSo many glitches, so little time...0
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trackers_trojans wrote: »Can anyone advise me i have two properties currently living in one the other is nearly finished being renovated the mortgage to cover these properties is around 570 a month in total, i would like to move and was wondering if i rented both properties out , they would probably achieve almost 900 in total could this income be used towards securing a mortgage. Thanks
Only possible with some lenders and if the rental is showing on your tax return - which it isnt as you are not renting them yet.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.0
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