Hi there,
My wife and I are looking to buy a house - here is our situation:
Rental Property
Mortgage: 300k
Property worth: 250k
Good location - always rented out - rent covering mortgage
Currently living in an apartment
Mortgage 220
Property worth: 170 ish
We now need to move as wife is pregnant with number 2 and we want to buy a house.
Wife earns 40k permanent
Me: 60k permanent
Savings: 60k - good records of saving
No other loans
How much is a bank likely to loan us if we rent out the apartment? Just looking for a ball park figure or to hear from anyone in this predicament.
My wife and I are looking to buy a house - here is our situation:
Rental Property
Mortgage: 300k
Property worth: 250k
Good location - always rented out - rent covering mortgage
Currently living in an apartment
Mortgage 220
Property worth: 170 ish
We now need to move as wife is pregnant with number 2 and we want to buy a house.
Wife earns 40k permanent
Me: 60k permanent
Savings: 60k - good records of saving
No other loans
How much is a bank likely to loan us if we rent out the apartment? Just looking for a ball park figure or to hear from anyone in this predicament.