Hi all,
I've got a second question for you.
I've only got 1.2m of property and 230 of that is equity.
I'm wanting to extract my equity to go again but my broker has told me that Because I've now changed jobs and only on 70k PA that I now longer even service for the loans I have. One of the properties is my PPOR. Is paying me rent but aparently the bank won't take that into consideration and in there eyes I can't afford to live there. Interestingly they refused me for a credit card for the same reasons but I got a rental agreement from my gf and they excepted that and it wasn't a problem. My broker seems to think this wouldn't he the same case with a mortgage.
My thoughts are that I just move out and rent but wondering if anyone has any other suggestions.
I've got a second question for you.
I've only got 1.2m of property and 230 of that is equity.
I'm wanting to extract my equity to go again but my broker has told me that Because I've now changed jobs and only on 70k PA that I now longer even service for the loans I have. One of the properties is my PPOR. Is paying me rent but aparently the bank won't take that into consideration and in there eyes I can't afford to live there. Interestingly they refused me for a credit card for the same reasons but I got a rental agreement from my gf and they excepted that and it wasn't a problem. My broker seems to think this wouldn't he the same case with a mortgage.
My thoughts are that I just move out and rent but wondering if anyone has any other suggestions.