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  • FIRST POST
    • gemmylouise
    • By gemmylouise 19th Jun 17, 9:25 PM
    • 57Posts
    • 23Thanks
    gemmylouise
    Mortgage
    • #1
    • 19th Jun 17, 9:25 PM
    Mortgage 19th Jun 17 at 9:25 PM
    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 ...
Page 1
    • Lilla D
    • By Lilla D 20th Jun 17, 12:02 AM
    • 308 Posts
    • 154 Thanks
    Lilla D
    • #2
    • 20th Jun 17, 12:02 AM
    • #2
    • 20th Jun 17, 12:02 AM
    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
    • By gemmylouise 20th Jun 17, 12:46 PM
    • 57 Posts
    • 23 Thanks
    gemmylouise
    • #3
    • 20th Jun 17, 12:46 PM
    • #3
    • 20th Jun 17, 12:46 PM
    Thanks for replying. I have contacted a financial advisor.

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


    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.
    Originally posted by Lilla D
    • Oakdene
    • By Oakdene 20th Jun 17, 12:50 PM
    • 1,210 Posts
    • 3,107 Thanks
    Oakdene
    • #4
    • 20th Jun 17, 12:50 PM
    • #4
    • 20th Jun 17, 12:50 PM
    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...
    • clairebeth
    • By clairebeth 21st Jun 17, 10:23 AM
    • 108 Posts
    • 29 Thanks
    clairebeth
    • #5
    • 21st Jun 17, 10:23 AM
    • #5
    • 21st Jun 17, 10:23 AM
    What will you do with the flat?
    • gemmylouise
    • By gemmylouise 22nd Jun 17, 12:17 AM
    • 57 Posts
    • 23 Thanks
    gemmylouise
    • #6
    • 22nd Jun 17, 12:17 AM
    • #6
    • 22nd Jun 17, 12:17 AM
    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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