Guarantor mortgage on property

happyhome123456

Does anyone know if you can get a mortgage with a flat you own outright yourself as the guarantor.
I am renting myself but owned flat has been rented for years.
I want a mortgage for myself have a good deposit and a salary but dont earn enough to get amount needed is this an option? As putting a mortgage on the flat would not really help.  And selling it would lose the income which would pay half of a mortgage 

DullGreyGuy

So you want to get a mortgage on your unencumbered BTL property to generate the deposit on you buying another property, presumably to live in?

Where does having a guarantor for yourself come into the equation? On both mortgages? 

silvercar

I’m confused. Do you want a mortgage where your rental income is taken into account as well as your salary?

or are you trying to get a mortgage on the owned rental property, to give you some money to reduce the mortgage you will need on another property that you intend to live in?

happyhome123456

Yes the rental money and my salary but it isn't enough to get me a large enough mortgage for what i need.  I have a large deposit but dont really want to put a mortgage on the owned flat just wondered if there was another way? as paying more than a mortgage on rent.  But dont qualify for the one that the look at what you have rented at as not a 1st time buyer

silvercar

See a mortgage broker, they may know of a way. But why don’t you want a mortgage on the rented property?

happyhome123456

Thanks I just don't feel that is a safe option

silvercar

happyhome123456 said:

Thanks I just don't feel that is a safe option

I don’t understand this. You own a property and want to own another. It shouldn’t really matter to you where the mortgage is secured.

MWT

happyhome123456 said:

Does anyone know if you can get a mortgage with a flat you own outright yourself as the guarantor.
I am renting myself but owned flat has been rented for years.
I want a mortgage for myself have a good deposit and a salary but dont earn enough to get amount needed is this an option? As putting a mortgage on the flat would not really help.  And selling it would lose the income which would pay half of a mortgage 

A lender is not going to offer you a larger mortgage just because you have another unencumbered property, you can't use that as a guarantee to increase your borrowing ability.

You can get a small mortgage on the rental property which would let you increase your deposit on your new purchase and hopefully let you reduce the mortgage you need to a level where your income is sufficient to satisfy the lender.

... but if you are using the income from the rental as part of your income to support your new mortgage application then the mortgage on the rental will reduce that income of course.

Do talk to a broker, you have all the pieces of a potential solution (subject to the actual property values, your income and the deposit you have) but you need some help to get there, but from what you'll told us here it does not look likely to be possible without a mortgage on the rental...