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Help with this idea please
Dunmore
Posts: 27 Forumite
Hi
I have tried a few of the new calculators for determining how much we could borrow but I'm not confident with the answers given this specific scenario.
Simply put we want to rent a property to live in at 2500k per month.
We then want to borrow 135k to buy a 160k house to use as a holiday home/investment. We will not rent it out commercially.
We own another property on a buy to let mortgate the rent of which covers the mortgage by a factor of 1.75.
We have no other monthly commitments other than standard bills. If we rent the new house we will both be able to walk to work so no travel costs.
Our monthly income is around 5500k.
The Nationwide calculator says it will lend us 170k which is more than enough. I would just like to know peoples opinion if they think this sounds about right and if most lenders will be similar.
thanks
I have tried a few of the new calculators for determining how much we could borrow but I'm not confident with the answers given this specific scenario.
Simply put we want to rent a property to live in at 2500k per month.
We then want to borrow 135k to buy a 160k house to use as a holiday home/investment. We will not rent it out commercially.
We own another property on a buy to let mortgate the rent of which covers the mortgage by a factor of 1.75.
We have no other monthly commitments other than standard bills. If we rent the new house we will both be able to walk to work so no travel costs.
Our monthly income is around 5500k.
The Nationwide calculator says it will lend us 170k which is more than enough. I would just like to know peoples opinion if they think this sounds about right and if most lenders will be similar.
thanks
0
Comments
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Don't waste your time. Consult a broker.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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