Hi,
Due to difficulties selling our property we have decided to let our existing property in the short to medium term. Our current lender Natwest have agreed to a consent to let and from a financial point of view we are comfortable that the rent coming in will compensate for our mortgage costs and allow a buffer for other costs associated with renting.
We have enough capital spare to put a 10% deposit into a second property worth between £200k and £250k.
My question is who can we approach for the second mortgage, is is just the Natwest or the whole market and what financials will they allow for or discredit? i.e. will the bank take into account your earnings on the basis the first mortgage company have already done so? Will they take into account your rental income or because it is not a "buy to let" mortgage will that not be possible?
Thanks!
Due to difficulties selling our property we have decided to let our existing property in the short to medium term. Our current lender Natwest have agreed to a consent to let and from a financial point of view we are comfortable that the rent coming in will compensate for our mortgage costs and allow a buffer for other costs associated with renting.
We have enough capital spare to put a 10% deposit into a second property worth between £200k and £250k.
My question is who can we approach for the second mortgage, is is just the Natwest or the whole market and what financials will they allow for or discredit? i.e. will the bank take into account your earnings on the basis the first mortgage company have already done so? Will they take into account your rental income or because it is not a "buy to let" mortgage will that not be possible?
Thanks!