claret

[claret]

Hello, does anyone have experience of trying to get a mortgage on a property based on the income (guesthouse) from that property?

I am looking at farmhouse type properties that need some restoration work, which I will undertake bit by bit. Therefore I need to look at interest only nmortgages for the short-term, relying on my savings to pay the repayments until the property is ready to rent.

If I move to Morocco for say 6 months to be with my partner, with the intention of starting a business and getting the property ready what bearing will this have on obtaining a mortgage?

Any advice gratefully received.

 

[Lee Filkins]

subject

Moroccan mortgage market is in its infancy and in addition they have taken over the French system of assessing the applicants capacity. Keeping this in mind

1) There is no interest only mortgages.

2) Your projected/ (guaranteed income in the case of such a property ) is not taken into consideration.

3) There is no non status mortgages.

4) Lending is based on a %, I understand the lenders will look at your borrowing capacity after taking your monthly commitments. I understand they expect this to be 40%. This rules out most of the people within in M25.

5) The lenders do not lend on cash flow or asset base or project income.

Good luck

 

[claret]

Hi Camel,

Thanks for your comprehensive reply. I guess I am looking at a UK mortgage. Do you have any advice or experience of which UK companies provide suitable foreign mortgages?

Claret