mortgage allowance?

[HandsomeBob]

Hi all,

Just need some advice, most probably a straight answer required but if say I had a salary of £50k with no debt and took out a mortgage of £200k (x4 times my salary) would I be able to take out another mortgage for a development providing I had a deposit?

Thanks in advance

B

[Sarnie]

HandsomeBob said:

Hi all,

Just need some advice, most probably a straight answer required but if say I had a salary of £50k with no debt and took out a mortgage of £200k (x4 times my salary) would I be able to take out another mortgage for a development providing I had a deposit?

Thanks in advance

B

Unlikely but I would need a whole lot more information to say for sure.

[HandsomeBob]

Sarnie said:

HandsomeBob said:

Hi all,

Just need some advice, most probably a straight answer required but if say I had a salary of £50k with no debt and took out a mortgage of £200k (x4 times my salary) would I be able to take out another mortgage for a development providing I had a deposit?

Thanks in advance

B

Unlikely but I would need a whole lot more information to say for sure.

So it is possible I take it? what other info would you require?

[Sarnie]

HandsomeBob said:

So it is possible I take it? what other info would you require?

Just much more information about what your intentions are such as;

What type of development is it? Self build or rennovation?
Is it to rent out, sell at a profit or retain as a second home?
What would be your intention for your residential property and mortgage?
What would be the figures for the prospective development?

[HandsomeBob]

Sarnie said:

HandsomeBob said:

So it is possible I take it? what other info would you require?

Just much more information about what your intentions are such as;

What type of development is it? Self build or rennovation? rennovation
Is it to rent out, sell at a profit or retain as a second home? sell at profit
What would be your intention for your residential property and mortgage?
What would be the figures for the prospective development?

circa £100-£130k

[HandsomeBob]

HandsomeBob said:

Sarnie said:

HandsomeBob said:

So it is possible I take it? what other info would you require?

Just much more information about what your intentions are such as;

What type of development is it? Self build or rennovation? rennovation
Is it to rent out, sell at a profit or retain as a second home? sell at profit
What would be your intention for your residential property and mortgage?
What would be the figures for the prospective development?

circa £100-£130k

Circa £100 - £120k / sell at profit / rennovation