Mortgage help

[mortgagequandry]

Hi everyone

Sorry this is a long one!

We have been renting a house for 12 months and have another 6m agreed with the current landlords. They have decided they would like to sell the house and have asked if we would be interested in buying it from them.

Although I work my salary isn't huge and my DP is a full time student. He currently owns a 50-% share of a house which is rented out. His income comes from this property and a very part time job.

The house we rent has been valued at £540k, we have about a 15% deposit in accessible cash and then the other property too. The other owner of the property is family and she has refused to agree to sell the house.

We wouldn't be able to get a mortgage anything like £450k or so we would need based on one salary alone but does anyone know if any mortgage provider would take the equity of the other property into account?

In that instance we would need a mortgage of £300k based on a joint income of £30k a year.

I think I'm clutching at straws but wondered if anyone could help?

TIA

Sorry, even on your best scenario, you're not going to get a 10x salary mortgage.

(Plus you can only use the equity from the other property if you have access to it, so not if the other owner will not sell.)

Thanks, you're only confirming what I thought, I know I'm strawclutching here

Could the owner of the other 50% buy your DH out? That would give you more to put down on a deposit.

They would take into account the rental income from the property your partner half owns, so half of that rent would count towards his ‘income’

Don't forget that you've got 8% stamp duty to pay as well. Your dp can force the sale of the other house if necessary. This will help you with a deposit but you aren't going to get a £300k mortgage on an income of £30k. You could potentially stretch to £150k on that income with a decent deposit.