Mortgage options before old house sells?

Mum22

Hello,
We currently own a property that is on a repayment mortgage with Nationwide and on there BMR of 2.5%. After our 5 yr fixed has now finished. As my husband is in the forces we have permission to rent it out on a residential mortgage that we apply to extend every 3yrs.
The property is likely to fetch around £180000 when sold with £130000 remaining on the mortgage. The earliest we can sell the property is next march due to current tenancy agreement.
We have seen a property to buy as our family home, on the market at £250000. We have a deposit of £30000 as well, but wondered what are options where if we wanted to buy the new house before our other one can be sold next year. We have an annual income of £65k, and no other loans apart from current mortgage.
Thank you

Simon_gloster

Affordability looks ok as long as the Consent to let property is self funding in lenders eyes (not yours) and that rental income can be proven and income tax paid on it.

Any dependants as this had a big impact on your borrowing amount?

Mum22

By dependants, I guess that means our two young children?

We have statements of our rental income via our letting agent, rent is £675 a month, current mortgage is £634.... After letting agent fees we get around £590.
We fill out a self assessment tax form each year because of the rental property, is this the income tax you mention?

Simon_gloster

Whatever £110k x 125% x 6%/12 is than it looks like the BTL in the background may be self funding. No calculator here sorry.

Have a play with lenders calculators without the BTL. Only include BASIC income into the income fields and 50% of any o/time bonuses commission etc. Edit and the 2 kids obviously.

GMS

You are looking for 88% Loan to Value which is too high for many lenders for a second property.

The rented property isn't covering 125% of the mortgage payment as required by many lenders so the mortgage will be taken as a commitment which will reduce the maximum amount available.

Few variables here but could be doable.

Broker may be useful for you here.