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Can I have 2 Mortgages

muzz1974
muzz1974 Posts: 1 Newbie
in Mortgages & endowments
Hi,

I currently have a mortgage however, due to splitting up with my partner i will at some point want to buy again whilst keeping up repayments on my initial mortgage.

can i do this?

please advise.

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    In a word.......

    Yes!

    However, it is not as simple as just going to your nearest bank, I would strongly advise you use a broker to set up the second mortgage.

    Cheers
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • castle96
    castle96 Posts: 3,009 Forumite
    Part of the Furniture 1,000 Posts
    you can have as many mortgages as you like, I|F you can afford to repay them !
  • naijapower
    naijapower Posts: 1,393 Forumite
    Mortgages are unlimited subject to affordability and status check
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    In theory I can become an olympic champion
  • silvercar
    silvercar Posts: 49,915 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    If your income can justify the payments on both mortgages there shouldn't be a problem. In practice people often find that the liability for both is more than lenders are prepared to allow you to stretch.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • rover25
    rover25 Posts: 387 Forumite
    Just wondering if you are on a lenders standard variable rate due to negative equity, can you still have a 2nd mortgage, if you can afford it?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    rover25 wrote: »
    Just wondering if you are on a lenders standard variable rate due to negative equity, can you still have a 2nd mortgage, if you can afford it?

    yes you can.
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