Advice needed on seperation and property

centralpark

My husband and I are seperating and I am in a real quandry about our living arrangements.

We borrowed 105% to buy our house 5 years ago and remortgaged 2 years ago. I would think we are currently in negative equity or close. We couldn't cover our mortgage by letting so it makes sense for one of us to stay put. In this case it would probably be my husband and I would continue to contribute to the mortgage.

I have looked at renting in the area and I'd be looking at paying around £600 a month. My lodger (who is also my best friend) has already said she will come with me so that halves the rent on wherever i go. The thing is there are properties on the market for as little as £60,000 in my area and I would rather buy if I can, as would my friend. What I want to know is if I can get another mortgage as a joint applicant with my friend? What sort of deposit would we need? We can stump up 10%, i'm just not sure how much more than that. I have googled 2nd mortgages for hours but it's not turning up the right stuff so Ihope someone on here canhelp me!

thanks

silvercar

Any lender will look at your commitments. The amount they are happy to lend you will allow for the other mortgage that you have liability for.

10% is the minimum deposit needed these days; it won't give you access to the best rates.

2nd mortgage is the wrong term to google as that will bring up further mortgages on existing homes.