2 Mortgages - Is it Possible?!

getmore4less

Chuffnuts wrote: »

Is it totally impossible to have 2 mortgages?? I already have a house with a mate but am now looking to buy a 2nd one with my girlfriend. My friend cant afford to buy me out and he’s in no position currently to move elsewhere, an whilst the market is struggling I don’t want to sell anyway as I could end up with nothing or even slightly in debt. The plan with my mate was always to have a house as a retirement fund for that time in 40 years rather than put it in savings. Now the girlfriend is demanding we get our own gaff and I am well keen but am struggling to find anyone who will give me another mortgage. Any ideas?? Or what I can do to free myself up to get another place?

I’m stuck!

The obvious solution is you buy your mate out with the GF and rent a room to him till he finds a new place to live.


As you have found out buying places with other people is a potential nightmare you have one allready having two could be a real problem if the GF decides to change BF.

Chuffnuts

"The obvious solution is you buy your mate out with the GF and rent a room to him till he finds a new place to live."


"As you have found out buying places with other people is a potential nightmare you have one allready having two could be a real problem if the GF decides to change BF".

Very true sir. An if I was keen to live in that house then I would’ve obviously done that. But circumstances have recently changed and its not somewhere I’m prepared to possibly start a family.

mic200202

Like I said above, its not a prob to have 2 mortgages - yes one of them is going to be a 2nd home, but thats the whole point isnt it? Keep one or rent it out and buy the new place.You dont need to hide anything from a new lender, its just down to picking the right one who knows the situation. Again its your affordability thats the key ..... and if you have the money to fund a deposit elsewhere. The talk about defecting from a liability etc, is nonsense.This is a straightforward and common situation.