Posted by
HannahChan
18 yrs ago
we just took out a mortgage about 6 months ago for a home we bought. The monthly payment is around 40% of our household income. However, we have a need now to move to a bigger place due to circumstance but we do not want to sell the current home.
We check the market rental rate and it seems that we are able to cover our mortgage payment + management fee with the rental income.
If we buy a new home, does anyone know whether we could take out another mortgage for the new home while we have an existing one to pay for (which is covered by the rental income)?
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Ed
18 yrs ago
HSBC has loads of great info on their site: http://www.hsbc.com.hk/hk/personal/bank/ibc/default.htm
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Would the rental income be considered as part of the household income?
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C
18 yrs ago
Better just go check with the bank, we tried this approach earlier and had different replies (some are more conservative than others of course). Right now my feeling is they are quite aggressive to offer mortgages so the chances should be in your favour, but its best to check with several banks.
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Yes, rental income can be considered as part of the household income. Sometimes I buy and sell properties, not on a short term basis though. I have been holding on to a few carparks for a number of years. Everytime I applied for a new mortgage in the past, I was asked to prove my income from the rentals by showing all existing lease agreements and active bank transactions. They want to make sure that these rents actually go into my account on a regular basis.
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