Posted on 5 January 2013 by Rebecca Scott
I have a mortgage free flat in central london worth £235k and wish to move out to purchase a house.the rental income on the flat is £800 pcm. I have savings of £45k and would like to know if I could do this on a let to buy mortgage and retain my flat. How much could I borrow? As I am moving I will have to give up my job so not sure if i will have any other income for a while. I'm 50 yrs old if thats a factor.
You should certainly be able to apply for a 'let to buy' mortgage on the flat, however most lenders do look for you to have a certain level of earned income, and that you will continue to have it after having moved out. The fact that you will be giving up your current job prior to securing new employment will cause an issue with the majoirty of Let to Buy lenders, and this is likely to restrict the amount you will be able to borrow.
However as John Charcol is an Independent, Whole of Market Broker, we also deal with those lenders who manually underwrite cases, and can therefore judge each application on its merits.
If you would like to discuss your enquiry in more detail, then please let me know and I'll arrange for one of our consultants to contact you.
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