not sure what i can get

coreservers

Currently we have a small rbs mortgage for a property in Scotland. This is covered by a rental tenant. It has 10 years to run and £70000 outstanding.we live in south east England due to my work and I earn a decent income. We currently rent but are fed up with the insecurity. Can we get a mortgage to buy whilst renting our property out?

ACG

Yes, although lenders outlooks will vary massively.
Some will just want to see the rent covers the mortgage, others will have calculations it needs to fit.

amnblog

Hi Coreservers

The bulk of lenders will be comfortable with this subject to a few caveats.

Typical positions are:

The rented property should be mortgaged as a buy to let, or if on a residential mortgage product you should have consent to let.

Rent needs to exceed the mortgage payments. Typically at £625 per £500 per month mortgage.

The problem is that every lender has nuances in their underwriting that can trip you up when looking to buy a new home.

Pick the wrong lender and the rented property will kill your affordability on the new property. Pick the right lender and it will sail through.