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Mortgage Advise

Lloyd90 · 2016-10-30 11:38:01

Being very fortunate I have been given some money by a family member. I appreciate that I am very lucky to be in this situation. It is on the condition that the money can not be squandered and can only be used on a house purchase. I am currently living and a student in Bristol. The amount is £100,000 so not enough to buy…

Comments

Lloyd90 Posts: 112 Forumite

30 October 2016 at 8:51PM

I'm sorry but I can't see how that is the case.

For my first property that I buy it will be with my partner (therefore affordability would be based on joint income not just mine = 28+43 = 71k)

For a buy to let I have read the affordability is based on the rental income not the persons income, unless they do not own their own home already (which I would in the above scenario).
Should you not own your own property then a minimum income of £25k I believe is asked for.

This I have found after reading several pieces/forums etc and also advice from my brother who works admin at a mortgage brokers.

Apologies if I'm wrong but if your correct can you point out where you got that information please ?

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