Hi all. Hope someone can help.
Had an agreement in principal arranged through first direct.
Figures as below
Purchase price £450k
Deposit (savings and sale of house after mortgage cleared) £200k
Mortgage amount £250k.
Not found a house yet but have been looking.
We are a couple with a joint income of £63k. Plus income from a rental property of about £12k a year. (Mortgage on this is 7.2k)
Called today to see if this loan can be increased to £275k (on a £500k property) and told we were at the maximum we could borrow.
Not taking the rental income into consideration their own mortgage website indicates we could borrow £252k. They said the mortgage on the Btl was a liability which I accept but they offer no 'credit' for the income this liability generates.
Does this sound about right to the mortgage experts on here?
Thanks.
Had an agreement in principal arranged through first direct.
Figures as below
Purchase price £450k
Deposit (savings and sale of house after mortgage cleared) £200k
Mortgage amount £250k.
Not found a house yet but have been looking.
We are a couple with a joint income of £63k. Plus income from a rental property of about £12k a year. (Mortgage on this is 7.2k)
Called today to see if this loan can be increased to £275k (on a £500k property) and told we were at the maximum we could borrow.
Not taking the rental income into consideration their own mortgage website indicates we could borrow £252k. They said the mortgage on the Btl was a liability which I accept but they offer no 'credit' for the income this liability generates.
Does this sound about right to the mortgage experts on here?
Thanks.