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two mortgages?

wadaw
wadaw Posts: 7 Forumite
in Mortgages & endowments
hello,

I currently own a house with my brother - which is his main residence, but I am currently looking to purchase one for myself and partner.

The house with my brother is mortgaged in joint names.

Is it possible/legal to take another mortgage in joint names between my partner and myself to purchase a further property??

Comments appreciated.

Comments

  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It is legal providing your income can sustain both mortgages.
    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.
  • roswell
    roswell Posts: 2,447 Forumite
    Im in a similar but not the same situation although i can get another morgage it would not be enough to make another purchase, as my outstanding morgage is less than 1 x salary im going to pay it off and start from scratch later in the year.

    would your brother not be able to take on the morgage himself ?
    If it doesnt pay rent sell it.
    Mortgage - £2,000
    Updated - November 2012
  • nomoneytoday
    nomoneytoday Posts: 4,866 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Don't forget you may be liable to Capital gains tax if it isn't your principal residence...
This discussion has been closed.
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