How To Get A Larger Mortgage
|Money : Mortgages|
There are many things you can use to try and get a larger mortgage if you are struggling to be able to be lent the amount of money that you need for the property of your dreams.
One of the things to consider that you may not have done already is that many companies will take into account the potential rental income you can get from any spare room(s) in the house.
Indeed some of them lay down that they will add extra money onto what you can borrow if you state your intentions to rent out these rooms.
On average they might add between £3,000 and £5,000 on a first room rented out, with about half of that again for a second room.
This means that if your actual income is £20,000 then taking these two into account you then effectively have perhaps £25,000 that they can take into account when doing their calculations, so it is always worth asking if your mortgage provider will take this into account, and if not then consider looking elsewhere.
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