Current property mortgage 190000
House is Valued at 210000
Mortgage payment amount per month 1300
I am Renting out this property for 1300 a month
Total income 103,000
Savings for deposit 50000
Currently saving 1150 a month
Paying 700 in rent.
My partner is a teacher earning 43000 and is new in the job and is not permanent but has been employed as a teacher continually for the last 8 years.
I am in permanent employment as a public servant
I am looking to keep the existing property as its not costing me that much and get another mortgage for 280000?
I believe banks will assess an application for a total mortgage of 470000
My question is would a bank take my rental income into account when assessing me for a mortgage and what is my chances of getting this amount?
Particularly interested in hearing from brokers obviously.
Thanks
House is Valued at 210000
Mortgage payment amount per month 1300
I am Renting out this property for 1300 a month
Total income 103,000
Savings for deposit 50000
Currently saving 1150 a month
Paying 700 in rent.
My partner is a teacher earning 43000 and is new in the job and is not permanent but has been employed as a teacher continually for the last 8 years.
I am in permanent employment as a public servant
I am looking to keep the existing property as its not costing me that much and get another mortgage for 280000?
I believe banks will assess an application for a total mortgage of 470000
My question is would a bank take my rental income into account when assessing me for a mortgage and what is my chances of getting this amount?
Particularly interested in hearing from brokers obviously.
Thanks