Posted on 8 March 2013 by Gary
My current house is valued at £410k with a mortgage of £175k. Rental value is potentially £1500 a month. Joint salary is nearly £100k. What sort of let to buy mortgage amount on a new property could I potentialy be looking at? Thanks
From the details you've provided it looks feasible to do a Let to Buy, and capital raising on your existing property (typically upto 75% LTV), would then release around £132,500 towards the purchase of your new home. The actual rental calculation that a lender uses will be quite crucial on this. Some lenders use a calculation of 125% of the pay rate, whereas others use 125% or higher of a notional rate (5% or more), which might restrict the loan size.
I'd recommend having an initial discussion with one of our consultants to get a better idea of exactly what we can do to get you moving into your new home. If you'd like to do so, then please let me know and I'll arrange a convenient time for you to speak to one.
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