Probably a very obvious one this, but hoping someone can clarify.
I bought an apartment by myself about 10 years ago and am now looking to buy a home with my partner. I intend to keep the apartment as a rental property as it's on a tracker mortgage and the rental income will cover the repayments. The apartment is currently in negative equity but there has never been any issue with paying the mortgage.
In applying for a new mortgage, do I include the current mortgage payments as a monthly expense, thereby limiting the amount I can borrow?
Or just work on the basis of our salaries alone dictating how much we can borrow for a new home?
Thanks
I bought an apartment by myself about 10 years ago and am now looking to buy a home with my partner. I intend to keep the apartment as a rental property as it's on a tracker mortgage and the rental income will cover the repayments. The apartment is currently in negative equity but there has never been any issue with paying the mortgage.
In applying for a new mortgage, do I include the current mortgage payments as a monthly expense, thereby limiting the amount I can borrow?
Or just work on the basis of our salaries alone dictating how much we can borrow for a new home?
Thanks