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Mortgage, annexe, tenants in situ.
Regular_Joel
Posts: 3 Newbie
Hi guys
We've found a property we really like. It's slighty above our budget, however the house has an annexe which has tenants in situ. This is fine with us. My question is would a lender take into account that rental income thus lending us more?
Cheers
Joel
We've found a property we really like. It's slighty above our budget, however the house has an annexe which has tenants in situ. This is fine with us. My question is would a lender take into account that rental income thus lending us more?
Cheers
Joel
0
Comments
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No, not only that if the annex forms part of the property for sale they wouldn't give you a mortgage at all without vacant possession."You've been reading SOS when it's just your clock reading 5:05 "0
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Thanks SammyJammy.
I thought maybe the the lender would see the monthly rent as additional income. And no. It's a separate building to the side. It isn't attached. Does that make a difference?
Cheers
Joel0 -
Not really. The whole property being mortgaged needs to be vacant at completion (for any mainstream residential mortgage products anyway).Regular_Joel wrote: »Thanks SammyJammy.
I thought maybe the the lender would see the monthly rent as additional income. And no. It's a separate building to the side. It isn't attached. Does that make a difference?
If the seller can separate the titles and you only take out the mortgage over the main house then maybe, but that's probably unfeasibly complicated.0 -
Ok thanks Davidmcn0
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