Advice needed

Belfast1978

Hello and happy new year!

I am after some advice please, I have seen a house I would like to buy its for sale at £119k although I want to offer £110k my house I live in now is very small and I want to have a decent sized living room etc

I have £45k in the bank I own 2 houses outright one I live in and one I rent for £390 a month. I have zero debts and very little outgoings im 36 years old and earn 20k a year with a bonus of 2.5k a year and have a excellent credit rating.

Does it seem likely I will get a mortgage on this house and if so could I get one without spending all the money I have saved for example 20K as a deposit. Do they take into account rental income and potential rental income for renting the house I live in at present?

And lastly a friend said I cant make an offer until I have a mortgage in principle if that's true how do I know how much to get the mortgage for without making a offer?

Thanks in advance

Belfast1978

Hi,

Not sure why no one helped with this before but I have further questions. I saw the house on Saturday and loved it I made a offer of £115 after explaining the situation that I don't have a mortgage in principle but have a large deposit no chain etc.

What's the best step now? do I see a broker or can I go to the bank? my bank is Lloyds there is no branches in northern Ireland would a high street branch look at me?

Based on the above post am I likely to get a mortgage?

On the application would they take potential rental income on my current house as potential earnings?Also the house I am renting out they pay in cash every week I keep records of this can I use this as earnings?

Sorry to ask so many questions even though I own houses I paid cash for them after inheriting the cash which is why im clueless with mortgages etc