A reader from South Yorkshire wants to buy a property jointly with his girlfriend and rent out the property he already has mortgaged.
Drawing on years of experience, mortgage adviser Katie Tucker – of mortgage broker Mortgageforce – tackles the problem.
John from Rotherham asks:
I am wanting to buy a property with my girlfriend.
I currently have a mortgage and a property of my own which I can comfortably afford and was wondering if it is possible to be named on my girlfriend’s mortgage as a named partner and take my salary into consideration, whilst keeping my own mortgage going on my own with a view to rent my property out.
Yes, if you are going to let your property out, many lenders will allow you to use your income on a new property.
Often though, you have to prove that you have converted your existing property into a Buy-to-Let mortgage.
I recommend that you get a mortgage broker to find the right lenders for you if you choose this option.
Alternatively, if you have enough income to cover both the properties, you can keep them as a first and second home.
Lenders will normally ask that the mortgages make a total of less than 4 x your income.
Ask the mortgage broker to speak to Cheltenham and Gloucester and Coventry Building society too.
If you have a question for Katie, go to the myfinances.co.uk Ask the Mortgage Expert section.
For more information on the issues discussed here, go to www.mortgageforce.co.uk.
Mortgage Force Ltd is authorised and regulated by the Financial Services Authority, and is entered on the FSA register (www.fsa.gov.uk/register) under reference 301046.
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