Hi
I'm in the process of making decisions about a property currently on consent to let.
Say I had my rental property on buy to let owing 90000 and tenanted (is that a word, not sure :)) and my salary is 27800 plus the rental income.
How do the lenders then view a second mortgage? Do they look at it as I already have 90000 of debt or so they look at it as its being covered by the rent?
I did a quick calculation on nationwide website saying I already owed 90000 on another property and the result said they'd lend 44000.
Does this sound right? I was thinking I'd be able to get another mortgage of around 90000 seeing as the rent covered the mortgage on the BTL.
I'm in the process of making decisions about a property currently on consent to let.
Say I had my rental property on buy to let owing 90000 and tenanted (is that a word, not sure :)) and my salary is 27800 plus the rental income.
How do the lenders then view a second mortgage? Do they look at it as I already have 90000 of debt or so they look at it as its being covered by the rent?
I did a quick calculation on nationwide website saying I already owed 90000 on another property and the result said they'd lend 44000.
Does this sound right? I was thinking I'd be able to get another mortgage of around 90000 seeing as the rent covered the mortgage on the BTL.