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    • boyrobot
    • By boyrobot 4th Dec 17, 2:44 AM
    • 5Posts
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    boyrobot
    Adding wife to mortgage to buy 2nd property
    • #1
    • 4th Dec 17, 2:44 AM
    Adding wife to mortgage to buy 2nd property 4th Dec 17 at 2:44 AM
    My wife and I married a few years ago when I already owned a BTL property.

    At the time we were renting the flat in which we resided. Since then, we have switched the single property I own to a residential mortgage and are living there.

    As I've been working almost 10 years more than her I own a fair bit of capital in this property: about £180k, whereas she has only been working (in London) for a few years and has only some savings some in sole ownership and some in a joint account with me.

    We are discussing buying a property in the Czech Republic where she's from and where we may move in the not-too-distant future. In terms of affordability, the easiest is for me to remortgage my flat as my LTV is now about 55-60% and I would be looking to move that to 80 or 85% as neither of us are currently residents in the Czech Republic and we're not particularly interested in a local mortgage there.

    The Czech property would be worth less than half of the London property we live in.

    Although she probably wouldn't be able to contribute half of the 2nd property, I am perfectly happy with us owning the 2nd property jointly but then I don't know how to handle the mortgage on the 1st property:
    do I keep this as a single mortgage or would it be advisable to add her to the mortgage and to the mortgage deed? Should the shares matter?

    The challenge there is also that I may be a tiny bit tight in terms of affordability to apply for the increased mortgage by myself anyway.

    This is more to ensure that I am doing what's fair for both of us. RIght now I am obviously paying off a mortgage that she is not able to officially contribute to.
    Last edited by boyrobot; 04-12-2017 at 2:50 AM.
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