Hi All,
My family and I recently rented our family home (which is 100k in negative equity) as we needed to move due to work commitments. We are renting in another area for 1 year but hope to apply for a new mortgage later this year.
My question is will the banks take the rental income into account during the application process. If not, i really doubt we will be approved for a second mortgage as total income is just under 60k between my wife an I.
Thanks
My family and I recently rented our family home (which is 100k in negative equity) as we needed to move due to work commitments. We are renting in another area for 1 year but hope to apply for a new mortgage later this year.
My question is will the banks take the rental income into account during the application process. If not, i really doubt we will be approved for a second mortgage as total income is just under 60k between my wife an I.
Thanks