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Mortgage Questions
purplesmiler82
Posts: 157 Forumite
Hi, looking for some advice
Partner going through divorce. It has been through court and his soon to be ex will be keeping the house. At present she has still not got a mortgage sorted and the deed of transfer has not been completed. My partner is now wanting to purchase a house. Can he get a mortgage (buy to let) whilst his name is still on the other mortgage??
My second question is how much would he be able to get a mortgage for income £49,318 (before tax and ni), he pays £414 a month child maintenance.
Thanks
Partner going through divorce. It has been through court and his soon to be ex will be keeping the house. At present she has still not got a mortgage sorted and the deed of transfer has not been completed. My partner is now wanting to purchase a house. Can he get a mortgage (buy to let) whilst his name is still on the other mortgage??
My second question is how much would he be able to get a mortgage for income £49,318 (before tax and ni), he pays £414 a month child maintenance.
Thanks
Married my wonderful husband 29th May 2011
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Comments
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why BTL, where is he going to reside?0
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He is currently renting and has been for last 2 years. He will hopefully be moving in with me, but would like to buy a place just incase we don't work out (he is a bit aprehensive after the divorce, and we have not been together that long).Married my wonderful husband 29th May 20110
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A potential lender will take account of the fact that he is still jointly and severally liable for an existing mortgage and act accordingly................................I have put my clock back....... Kcolc ym0
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Only a few lenders are offering BTL mortgages at the moment, deposit required between 25-30%, some are not lending to 1st time landords, some may not be happy that he has no residential mortgage (after deed of transfer has completed)
If affordability calculated on rental income, the Rental income ratio required is normally 125% of mortgage payments.0 -
hmmm ok thanks for this info.
Sorry but now i have had an idea....
would it be possible to add him to my mortgage and for us to then purchase a buy to let together????Married my wonderful husband 29th May 20110 -
it is better you take advice remember on here it is only opinion, also i am sure yr aware of the implications of 2 being on a mortgage!0
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would it be possible to add him to my mortgage and for us to then purchase a buy to let together????
I'm sometimes amazed by what people are willing to do. Mortgage is a big commitment. I'm saying this based on:(he is a bit aprehensive after the divorce, and we have not been together that long).
Hoping that won't happen, but what if you break up next week?0
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