Posted on 28 February 2011 by nick trask

I own a property valued about £90k. The mortgage is £39k and my nan lives in the property rent free. Could I get another residential mortgage to live in a property myself? I need to borrow about £75-£80k, earn £34k a year and have a 10% deposit.


Any new Lender is going to want your income to cover both your existing mortgage and the new mortgage debt. They will either add the two debts together or subtract your existing mortgage payments as a commitment before making their calculations. I don't think you will be a million miles from passing this affordability test, but it will depend on how much your existing monthly repayments are.

It is also possible that they will want to see you have permission from your existing Lender to let the property, but I think this is unlikely as your Nan can quite easily pass as a dependent relative.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 tell the consultant the date and title of your question, they will be able to look at your situation and advise you accordingly.


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We recommend you seek professional advice with regard to any of these topics where appropriate.

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