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Affordabilty question
Belfast1978
Posts: 30 Forumite
Hello,
I have gone through my outgoings and have worked out that after I get paid normally £1400 each month after expenses I am left with £850 a month now this is not counting the £390 a month I receive from renting a small house I own outright.
Annoyingly I have been informed I probably cant use the potential rental in the current house I live in which I also own outright which is worth another £390 a month rental so at the moment I am looking at £1630 left over each month
The house is £119k im going to hopefully pay a 20% deposit and hoping to pay over 25 years so I guess around £500 a month
Will a lender look at me and think I cant afford this basing this on my £850 left over as they wont look at my rental income?
I have gone through my outgoings and have worked out that after I get paid normally £1400 each month after expenses I am left with £850 a month now this is not counting the £390 a month I receive from renting a small house I own outright.
Annoyingly I have been informed I probably cant use the potential rental in the current house I live in which I also own outright which is worth another £390 a month rental so at the moment I am looking at £1630 left over each month
The house is £119k im going to hopefully pay a 20% deposit and hoping to pay over 25 years so I guess around £500 a month
Will a lender look at me and think I cant afford this basing this on my £850 left over as they wont look at my rental income?
0
Comments
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It is very rare for a Lender to consider rental income.
If the rental income is declared on your tax return (often landlords 'forget' to declare it!) it helps.
If you are tight on affordability it is a case for a mortgage 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 -
Haha yes I can imagine I am above board with my rental income I would rather pay now then get slammed with a large bill later.
A lot of my bills I pay with my rental income for example my travel costs heating and food for example.
Out of my £850 I save £350 a month in a saving account im always left around £500
I will be seeing a mortgage advisor for this its just worrying to think I might get turned down when I know even after a mortgage and bills I will be left with well over a grand each month0 -
Don't worry about something that has not happened.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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