Finance for Apartment in Portugal

Landlord_2

I would really appreciate any advice on raising finance for the purchase of a property in Portugal which would be used primarily for holiday rentals. I have a reasonable amount of equity in my home in England (approx £250,000 in addition to my mortgage). My problem is that I cannot find any lenders who will take potential rental income into consideration in deciding whether to lend . My present mortgage is already up to the maximum income multiple for the loan, so a UK remortgage/ portuguese mertgage is not really an option.

Any Ideas?
Many thanks

herbiesjp

You may have to look at lenders that use affordability as a means of agreeing loans as opposed to mulitples - you could get a bit more flexibility this way.

Post a few more details, as without figures it is difficult to see if it would work this way either - who are you currently with?

Landlord_2

Thanks for the reply

Birmingham Midshires, present mortgage approximately £300000

herbiesjp

Ok

SO £300k against property value of £550k - the loan to value is good.

What income do you have? Is it only a basic salary, or do you have other sources of income?

What is a rough figure?

Scott

Try Ulster Bank, they use affordability as far as I know.