Hi,
I want to take a 2nd morgate to buy a house and rent out my flat which still has a mortgage balance (will be obtaining a consent to let from halifax for this).
Spoke to nationwide yesterday and they will only consider the rent from my flat as part of my income when I have a tenancy agreement in place and have collected 6 months rent. This means my current affordability is well below what I need to get the house. Is this the standard approach by all lenders? Apart from moving into temporary acomodation and letting out my flat are there any other legally accepted ways I could get round this?
Many Thanks,
Aminu
I want to take a 2nd morgate to buy a house and rent out my flat which still has a mortgage balance (will be obtaining a consent to let from halifax for this).
Spoke to nationwide yesterday and they will only consider the rent from my flat as part of my income when I have a tenancy agreement in place and have collected 6 months rent. This means my current affordability is well below what I need to get the house. Is this the standard approach by all lenders? Apart from moving into temporary acomodation and letting out my flat are there any other legally accepted ways I could get round this?
Many Thanks,
Aminu