Mortgage allowances

[HandsomeBob]

Hi all,

This may be a silly question but say if you have a mortgage allowance of say £120,000 and you purchase a property and use up £100,000 of the allowance would I only have £20,000 if I wanted to purchase a buy to let?

If I had the 25% deposit required for the BTL, how is the mortgage allowance calculated?

Many thanks, any help would be extremely helpful

[HandsomeBob]

Hard to explain but brokers told me a lender is willing to lend me £130,000, I have purchased a flat recently using £110,000 of it...does this mean I cannot buy another as I would only have £20,000 remaining

[HandsomeBob]

Sorry edited

[HandsomeBob]

Thank you so I could deposit permitting could buy a £200k BTL for example?

Thanks

[HandsomeBob]

Thanks for all your help.

Issue I have atm is not being able to gain a mortgage as I do not have a full years accounts due to being self employed. Existing mortgage is under gf's name. providing I have the deposit for a circa £200k property, would they need to 1 years accounts?

Many thanks