With a property you intend to live in, the lender will take into consideration factors including your personal income and expenditure to decide if they are happy to make the mortgage offer
Because you intend to rent out the property , there is one significant difference, the lender will also consider the amount of rental income to determine the size of the loan available to you.
Whether it’s your first investment property, you’re a portfolio landlord, or leasing your property due to a change in circumstances, we can provide with the right advice to help manage your investment.
The maximum you can borrow is usually linked to the amount of rental income you might expect to receive. For example, a lender might require the projected rental income to be 30% higher than your mortgage payment.
You can have either a repayment or an interest-only mortgage.