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Getting a second mortgage for another home
NotFrugalEnough
Posts: 17 Forumite
Morning everyone.
I currently have a joint mortgage with my Brother for a 4 bedroom house. We have a room each and intend renting the other two rooms.
I'll be moving to another city for work and would like to buy another, smaller property instead of renting. Possibly a two bedroom flat, with the other room being rented out. I would also be renting out my current room.
My question to everyone is, how do I go about getting another mortgage, bearing in mind that my next house will be solely mine as opposed to the joint investment I currently have. I assume I'll need an entirely new mortgage?
I currently have a joint mortgage with my Brother for a 4 bedroom house. We have a room each and intend renting the other two rooms.
I'll be moving to another city for work and would like to buy another, smaller property instead of renting. Possibly a two bedroom flat, with the other room being rented out. I would also be renting out my current room.
My question to everyone is, how do I go about getting another mortgage, bearing in mind that my next house will be solely mine as opposed to the joint investment I currently have. I assume I'll need an entirely new mortgage?
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