Yes - I realize it's for PPR , that's what the property would be. We've been out of the country a few years so have decided that what was previously our PPR will stay now as a rental property.. We want to then buy a PPR and not sell the others if at all possible. I'm just really wondering through what sort of salary would lenders be looking for to be able to do this ? I've been told that the affordability ratio they work with is around 35-45% .. Will some lenders be more flexible if the risk is spread out - say across three properties instead of one ? Is there a time frame that people need to be in a job before getting a mortgage (say 6 months?) ... Just trying to plan ahead before we move back , so ANY thoughts about what sortof salaries we'd need to earn, whether it's OK if it's evenly split and what things will the lender look for would be very helpful. Right now we've no credit card loans, no car loans, but have a small credit union loan.
So - working backward any idea what sort of salary would be needed for a couple to obtain a loan for a total of 500K where there is rental income of approx 15K p.a. (section23 based) and rent-a-room income ?? Any takers ??