AM richard81 Joined on Wed, Nov 04 2009 Window Shopper Points 40 New mortgage affected by current mortgage?
Reply Quote Report Abuse I currently own a property valued at 230K with a 133K mortgage. I am now planning on renting out this property and buying a new property jointly with my girlfriend. The new property will cost 600K and we will make a 200K deposit. I have checked the various mortgage calculators and based on those we will be able to take out the 400K mortgage needed. However, I am wondering how my current mortgage will affect my application for a new one? Given that I can rent out my current property, I will make a profit on it. Will the mortgage companies look at it that way or will they see the current mortgage as a liability and not offer us the 400K mortgage we need? I am also wondering if I will be able to receive a “consent to let” without changing the mortgage that I currently have. I talked to the mortgage company and they said that I would be granted permission (on a two year term) given that the flat will not be rented out solely on an investment purpose. Would it be co
