Mortgage

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gemmylouise
gemmylouise Posts: 102 Forumite
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in Mortgages & endowments
I have a flat and the mortagage is £65k.

Recently married and we have seen a house we want to buy for £120k.

Ideally we want to keep the flat and buy the house and have one mortgage in both of our names.

Could we remortgage or would we need to apply for a new mortgage and have another deposit?

Also partner has two ccjs from 5 years ago

Any advice ...

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  • Lilla_D
    Lilla_D Posts: 359 Forumite
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    First of all, congratulations for getting married :)

    And then back to everyday life and your first point: you'll need two separate mortgages:
    - one for the new house where you'd live (a residential mortgage) and
    - one for the flat that you'll rent out (if you don't remortgage and have a resi mortgage on it, you'll need to obtain a consent to let) - if you remortgage it, then it'll be a BTL deal

    You'll need deposit (cash) to buy the new house. Please also bear in mind the 3% stamp duty to pay.

    CCJs from 5 years ago are not a show stopper, just restricting your lender choice.

    Since your full circumstances cannot be discussed here, you'll need to speak to a broker, who'll be able to give you proper advice based on all the details.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • gemmylouise
    gemmylouise Posts: 102 Forumite
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    Thanks for replying. I have contacted a financial advisor.

    We are not looking to rent out the flat. Do people have two residential mortgages??

    Lilla_D wrote: »
    First of all, congratulations for getting married :)

    And then back to everyday life and your first point: you'll need two separate mortgages:
    - one for the new house where you'd live (a residential mortgage) and
    - one for the flat that you'll rent out (if you don't remortgage and have a resi mortgage on it, you'll need to obtain a consent to let) - if you remortgage it, then it'll be a BTL deal

    You'll need deposit (cash) to buy the new house. Please also bear in mind the 3% stamp duty to pay.

    CCJs from 5 years ago are not a show stopper, just restricting your lender choice.

    Since your full circumstances cannot be discussed here, you'll need to speak to a broker, who'll be able to give you proper advice based on all the details.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    What will you do with the flat as lots of mortgage providers issue on the basis of the property not being left empty over 31 days...
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • clairebeth
    clairebeth Posts: 299 Forumite
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    What will you do with the flat?
  • gemmylouise
    gemmylouise Posts: 102 Forumite
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    We wanted to keep the flat. I have spoken to a mortgage advisor and he has advised to do that I need to put the second mortgage in my husbands name only. Thanks
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