Daddy Ireland
Registered User
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- 458
Do mortgage providers strictly look at rental income v mortgage repayment in assessing ability to pay ? Gave a broker some figures recently spouse one age 60 spouse 2 retired aged 58. Felt sure there would be nomissue in getting a 70% mortgage over 10 years paying principal and interest. Repayments would come in at approx 16.5k versus a very strong consistent gross rental of 13k. Broker said putting in the figures into the calculator wouldnt qualify me for 10 years paying interest/capital and would I think about interest only and he would run the figures again. That didn't interest me and I was dissappointed to say the least.. We have a strong cashflow spreadsheet done up over next 10 years whereby we can pay off the loan through the aid of employment to age 65 for one person & pension lump sum at age 66 and other pension incomes. Is this spreadsheet worth showing to a couple of the banks to strenghten our case to get mortgage approval in principal ?