2 Residential mortgages?

andyuk01

Theoretical at the minute but potentially a situation i'll be in shortly

Currently own a place in location A, mortgage around £1000 a month, rent the second room out to a friend for £450, LTV around 85%, property value £285k

Have looked into jobs elsewhere in the country and were i to be successful i would be entitled to a relocation package which would provide a 20% deposit on a £180k property in location B. This would buy a decent 2 bed flat, rental potential for the second room around £400

I would work Mon - Thur in location B and spend Fri - Sun in location A

Combined mortgage payments £1700
Rental income (pre tax-aware i'm over the rent a room limit) £850
Net income £4600

Few other credit commitments of around £400 a month

Is it possible to have 2 residential mortgages? If not how would i go about managing this potential situation and is it viable to manage things this way?

TIA

Dave_Ham

This should almost certainly be achievable, although needs to be affordable on your salary alone as no lender will take lodger income.


Best of luck