Hey. I'm looking for some advice on what seems to me to be a compex situation but probably isn't really.
I have mortgage on a flat but in around a years time I would like to buy a house with my partner. I would however also like to keep the flat.
By the time it comes to buy the house, i should be at around 75/80% LTV on the flat and with the interest rates as they currently are, the rent will easily offset the monthy mortgage payments whilst accounting for tax. Putting me in a position where I'm freerolling the flat (albeit with the exposure to risk).
My question is, at present I don't think the bank would lend me more money to move since I couldn't pay much more than I am now. But with the rental income would they consider lending me more?
Could I run a mortgage calculator with my salary plus rental income, see the maximum I could borrow, and then subtract my current outstanding mortgage balance or repayments? Would this be accurate?
Any advice would be helpful. Obviously I'll need to speak to a mortgage advisor also.
I have mortgage on a flat but in around a years time I would like to buy a house with my partner. I would however also like to keep the flat.
By the time it comes to buy the house, i should be at around 75/80% LTV on the flat and with the interest rates as they currently are, the rent will easily offset the monthy mortgage payments whilst accounting for tax. Putting me in a position where I'm freerolling the flat (albeit with the exposure to risk).
My question is, at present I don't think the bank would lend me more money to move since I couldn't pay much more than I am now. But with the rental income would they consider lending me more?
Could I run a mortgage calculator with my salary plus rental income, see the maximum I could borrow, and then subtract my current outstanding mortgage balance or repayments? Would this be accurate?
Any advice would be helpful. Obviously I'll need to speak to a mortgage advisor also.