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  • FIRST POST
    • voixdeville
    • By voixdeville 1st Dec 17, 7:37 AM
    • 24Posts
    • 1Thanks
    voixdeville
    Could we get two mortgages?
    • #1
    • 1st Dec 17, 7:37 AM
    Could we get two mortgages? 1st Dec 17 at 7:37 AM
    Hi, me and my partner are 34 and 47 respectively (we arenít married) and we are considering buying a bigger property. Within our area there isnt much choice for mid-price properties. The property we live in now (which my partner owns outright) is worth about 140,000. We are possibly considering a property which costs £350,000.

    Due to the age of my partner, am i correct in thinking he would only be given a 15 year mortgage, whilst I could get longer?

    This was what brought me round to considering the possibility of two separate mortgsges, so we would both own half of the property each (but not together). My partner would have a large deposit from the sale of our current property, and would ideally get a short-term mortgage. I have a smaller deposit, but would be comfortable with a longet term mortgage (such as 25 years).
    Is this possible? If so, how would I go about arranging?

    Thsnks
Page 1
    • amnblog
    • By amnblog 1st Dec 17, 7:44 AM
    • 10,071 Posts
    • 3,926 Thanks
    amnblog
    • #2
    • 1st Dec 17, 7:44 AM
    • #2
    • 1st Dec 17, 7:44 AM
    Due to the age of my partner, am i correct in thinking he would only be given a 15 year mortgage, whilst I could get longer?
    Originally posted by voixdeville
    No, you are not.

    Many lenders will potentially offer a longer term and in certain circumstances his age may be of little relevance to the mortgage term.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • voixdeville
    • By voixdeville 1st Dec 17, 8:45 AM
    • 24 Posts
    • 1 Thanks
    voixdeville
    • #3
    • 1st Dec 17, 8:45 AM
    • #3
    • 1st Dec 17, 8:45 AM
    Ok, thanks for your reply. Would it be possible though, to get two separate mortgages- as I detailed above? Thanks
    • kingstreet
    • By kingstreet 1st Dec 17, 9:00 AM
    • 32,392 Posts
    • 17,394 Thanks
    kingstreet
    • #4
    • 1st Dec 17, 9:00 AM
    • #4
    • 1st Dec 17, 9:00 AM
    Ok, thanks for your reply. Would it be possible though, to get two separate mortgages- as I detailed above? Thanks
    Originally posted by voixdeville
    No. It isn't.

    Only one lender can hold a first charge over a security property.

    It's difficult to repossess half a property if the holder in your scheme fails to pay...
    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. Please do not send PMs asking for one-to-one-advice, or representation.
    • ACG
    • By ACG 1st Dec 17, 9:05 AM
    • 15,911 Posts
    • 8,151 Thanks
    ACG
    • #5
    • 1st Dec 17, 9:05 AM
    • #5
    • 1st Dec 17, 9:05 AM
    You would usually also both need to be named on the Mortgage. What happens if you stop paying your Mortgage? Your lender would not be able to evict your partner as they have not signed to say they would pay the mortgage and/or leave the house if the Mortgage is not paid.

    What age does your partner plan on retiring? You could take a Mortgage out until that period, so if that is 67, then you can get a 19/20 year term.
    I am a Mortgage Adviser
    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.
    • enthusiasticsaver
    • By enthusiasticsaver 1st Dec 17, 9:17 AM
    • 4,865 Posts
    • 9,188 Thanks
    enthusiasticsaver
    • #6
    • 1st Dec 17, 9:17 AM
    • #6
    • 1st Dec 17, 9:17 AM
    You cannot have two separate mortgages on the same house. Which one would take preference? No lender would lend against a house already mortgaged. Don't overthink the age thing as many lenders don't refuse to go past a certain age and the ages are different anyway. Santander used to be 70.
    3 days to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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