Hi,
I currently live in a home with a value of £130,000 and equity of £62,000. I would like to purchase a second property with a value of £130,000 and have a deposit of £25,000.
I will let my first property out for £900 pcm.
My current salary is £18k, my partner earns £28k but has a very very bad credit rating therefore won't be able to be on my mortgage.
I am worried that the rent won't be taken into consideration when the bank looks at how I can afford a second property. Or will the equity in my first house act as security?
Any help is much appreciated.
I currently live in a home with a value of £130,000 and equity of £62,000. I would like to purchase a second property with a value of £130,000 and have a deposit of £25,000.
I will let my first property out for £900 pcm.
My current salary is £18k, my partner earns £28k but has a very very bad credit rating therefore won't be able to be on my mortgage.
I am worried that the rent won't be taken into consideration when the bank looks at how I can afford a second property. Or will the equity in my first house act as security?
Any help is much appreciated.