Second mortgage?

col81

I currently own a property it’s worth £225k I owe £115k on it with virgin bank. My mum lives in this property & I rent an apartment £600 per month. I’m self employed and am just doing my first tax return I earn £35k. I want to get a mortgage for myself. Is this likely to be able to be done and what type of deposit would I need? I am looking at a £200k house for myself

kingstreet

I suggest broker help sooner rather than later. Many questions will need to be answered before anyone can give you a meaningful answer.

On the face of it, you look short on period self-employed (for most lenders) and short on income if you plan to retain the current property as it will be treated as a liability for affordability purposes.

El_Torro

It depends on the affordability. Since you already own a property with a mortgage you might find you can only borrow so much more. Especially if your mum is not paying you rent. Your current mortgage is about 3 times your salary. I'd be surprised if you could borrow more than £70k or so on top of that for another property. 

I am no expert though. Speaking to a mortgage broker should clarify things so you can understand your options.

col81

I get the mortgage paid in full by my mum. I might have to change it to a buy to let maybe 

kingstreet

col81 said:

I get the mortgage paid in full by my mum. I might have to change it to a buy to let maybe 

That won't work. If the property is inhabited by a relative it's a regulated BTL which is based on your personal income not the rental income potential.

Isthisforreal99

col81 said:

I get the mortgage paid in full by my mum. I might have to change it to a buy to let maybe 

And declaring the income?