advice needed on 2nd mortgage

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

unite79

Hi, a few lenders will do with 10% deposit, but the rates are not going to be very attractive - would suggest a Whole of market broker, to give you the best options.

centralpark

thanks - how do i know if my broker is whole of market?

unite79

Ask them, Are you whole of market, How many are on your panel - if the panel is less than 30, move on.....

centralpark

thank you. What category of customer am I? I'm not a first time buyer obviously but my friend who would be making the joint application is.

unite79

Being a 1st time buyer means next to nothing, however, you are not, you are a next time buyer.

centralpark

ok thank you, i'll get in touch with a broker then, fingers crossed