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What type of Mortgage?
donna1071
Posts: 6 Forumite
Hi, Im new to this guys but need advice.
My partner and i want to buy a house which has 3 holiday lets attatched to it.
Neither of us are working, but my partner has over £50,000 in savings (we survive on the interest!)
My question is would he get a mortgage on £200,000 based on his savings and the fact that we would have an income from 3 holiday lets?
If so what mortgage would it be?
Many thanks Donna:)
My partner and i want to buy a house which has 3 holiday lets attatched to it.
Neither of us are working, but my partner has over £50,000 in savings (we survive on the interest!)
My question is would he get a mortgage on £200,000 based on his savings and the fact that we would have an income from 3 holiday lets?
If so what mortgage would it be?
Many thanks Donna:)
0
Comments
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You'll need a commercial mortgage of some kind (prob BTL).
The deposit looks good, but much will depend on the ratio of expected income to mortgage repayments. Requirement of 125% is common for BTL, but this is complicated by the fact that you will be living there too.
See an independant mortgage advisor or post on the mortgage forum.0 -
You survive on the interest on £50k, wow what are you a pair of church mice? I have more than 5 times as much saved up and live frugally but still couldn't get by on the interest on my savings.0
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I would also want to know how you survive on that amount per year (3% £1500/year?). I want to know as that is real moneysaving:)0
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