Mortgage possibilities with existing mortgage and second applicant maternity contract

Clogs8

Hi everyone,

I after some advice. Newbie so thank you in advance.

My wife and I already have a residential property that we've been letting long term on a consent to let. The income is more than the interest only basis it is on; but there is no equity. We are keen to try to keep this until we can at least get some of our deposit back out.

We now live in a different part of the UK and would really like to buys we have no credit commitments apart from the mortgage but due to our recent move, my wife is currently covering a maternity position and hasn't got a full time job as a teacher yet (she was previously employed full time before we moved for my job). It sounds like most lenders wont consider her income, but if anyone has suggestions of those who do - much appreciated.

I earn just over 40k year and she, if it counts, earns 33k. We are hoping to buy something at the 200k exactly mark although we are aware that on one considered income this is a real stretch. Are there lenders that are more relaxed that we should look at? We have had some professional advice but are quoted a max of 170k. I guess ultimately my question is, for a second opinion which lender would I be best targeting to see if they can offer something closer to what we are hoping for. We are unfortunately only at 90%ltv.

For example, am I better looking at say nationwide rather than HSBC because they are Likely to be less picky, or is he 170k a maximum nobody is likely to cross?

Thanks!

kingstreet

Nationwide won't go over 85% on a second property. I'll also be very surprised if HSBC is interested in lending.

You need a broker for this. Trying to do it direct will see you frustrated and empty-handed.