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could I get a £600k mortgage?

(4 Posts)
missp2010 Wed 24-Aug-11 20:37:53

I have a bit of a nuts idea, I'd just like some advice about whether or not it could be done. We are looking to move house and have found a property on the market for £700,000 our current house is worth roughly £340k we'd make about £120k so we'd need a mortgage of £600k. We do not have a big income at all, I'm a sahm and dh is a teacher. The thing is the property we're looking at has a swimming pool which the current owners hire out to swim/dive schools apparently making £3000 a month. They also say that they often turn people down, so it could be possible to make even more income from the pool. This income could therefore cover the mortgage payments.

Do you think any bank would lend us the money to buy this house? Or am I being completely stupid?

Thanks for any opinions.

HeidiHole Wed 24-Aug-11 20:45:51

Salary: (guess) £40,000
Pool Income (£3000 x 12) £36,000

Total £76,000

So you'd be looking for a mortgage of 8 times salary. And its not even all 'salary' the renting of the pool wouldn't be seen as secure by a bank like a salary hmm

RockChick1984 Wed 24-Aug-11 20:47:27

You could potentially look at a commercial mortgage if you were planning to use it as a business, this area isn't where I specialise (I do personal rather than commercial mortgages) I would suggest making an appointment with a business adviser at your bank (shouldn't be any charge for this) and seeing if they can help. If you were just planning to do it to get a bit of extra cash rather than as a business you may struggle with something like this - the personal mortgages I deal with wouldn't take into account any potential income like this so no, you will probably not get a 'normal' mortgage on it.

HappyMummyOfOne Thu 25-Aug-11 09:21:27

I cant see any bank approving a mortgage on a teachers salary for £600k, sheer madness to even consider it.

The pool income is not guaranteed and you'd be taxed on it, have to pay for insurance etc. What happens if business dries up for a few months, how would you pay the mortgage?

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