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Want to buy another property, paying mortgage and bills on another.What can I borrow?
LiveOnce
Posts: 476 Forumite
Hi all,
I want to buy another property. I already have a mortgage for one property (one I live in) and pay it's bills as well.
I want to buy another property in the country side less than £200k. I have a full-time job.
How can I realistically calculate how much I can borrow and what I can afford with living costs as well associated with another possible property?
I want to buy another property. I already have a mortgage for one property (one I live in) and pay it's bills as well.
I want to buy another property in the country side less than £200k. I have a full-time job.
How can I realistically calculate how much I can borrow and what I can afford with living costs as well associated with another possible property?
0
Comments
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Might be best to go to a mortgage broker with relevant paperwork, look at what you can borrow, look at your bills, compare with income and decide if you can afford it. If you are talking about affordability assessements by mortgage lenders, the broker will be able to advise on that as well.0
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you talking about a Buy to let mortgage then? If so are you prepared to be a LL and what it entails"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
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I feel this may be a rash assumption, I think it's more likely that as the OP is looking to buy in the countryside it'll be a weekend/holiday home.
possibility rather hence the question mark
But ultimately will boil down to affordability as usual"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Under affordability rules you need the income to pay both mortgagesEx forum ambassador
Long term forum member0
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