If you own other properties such as buy to let’s, holiday homes or just second properties, these can all have an impact on your mortgage application.
If you have a buy-to-let property, most lenders generally want to ensure you have sufficient rental income to cover the mortgage and costs of these in the background. Their criteria can vary greatly. Some may be comfortable that your rental income straight covers the mortgage alone, other wants a specific surplus in rental income over and beyond the mortgage.
Other variables on this include if the property has had any rental voids, do you have sufficient personal income to cover this shortfall and other regulatory issues. If you own multiple properties, then this criteria can be even more strict still. Having background assets isn’t always an asset!
We have written this handy guide to tell you about the different types of cover available to you.
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