Help: Second mortgage and a first time buyer

mariyah786

Help and advice please.

I am 28 and earn £23,000, my partner, 30, works in sales earning £7000 basic plus commission, last year earning £19,000 this year on target to earn £20,000.

I brought a house last year £150,000, i borrowed £95,000 and put £55,000 deposit down by myself. I am going to be renting this out in the next couple of months on the rent income will cover the full cost of the mortgage. (mortgage fixed rate 5.79% so £530 per month)

This year we are buying a house together, the house is approximately £120,000 and we would want to get a joint mortgage.

1. How much deposit do we have to put down, we don't have a lot. I think £10,000 is the most I would want to put down if I can do just that.

2. Will we get a joint mortgage even though I have a mortgage already (I will be renting my property out). the property we are buying will be in joint names and where we will both live.

3. I am on the electoral role and have been for many years and credit history is ok. My partner has been a student prior to working and does not appear on any electrol role as he sometimes stays with me and sometimes with his family (his bank statements go to his parents home) as he has moved around alot, but has bank statements of 18months to his parents address. Will this affect our chances of getting a mortgage?

4. Any advice? I would prefer this to be a separate purchase, not linked to my mortage on the property i brought, nor would I want to release any equity on this property, I would like to keep both separate.

Thank you very much (in advance) for your help and advice, appreciated.

Mariyah

_Andy_

You don't have enough deposit, esp if that doesn't take into account legal fees etc.

mariyah786

thanks andy, not that helpful. If needed i can put £20,000, i said ideally i would like only to put down £10,000 I did not say this is all i have to put down. i asked what the minimum i could put down is.
I have allowed £3000 which is more than enough for legal fees as this is not subject to stamp duty.
Could anyone else offer a helpful reply

_Andy_

Charming, you're welcome.

opinions4u

mariyah786 wrote: »

thanks andy, not that helpful.

The reply was thoroughly accurate though. You need a minimum of 10% deposit, plus fees. If accurate isn't helpful then there's little hope.

If needed i can put £20,000, i said ideally i would like only to put down £10,000 I did not say this is all i have to put down. i asked what the minimum i could put down is.

You certainly implied that £10k was all you had. " I think £10,000 is the most I would want to put down if I can do just that."

Will we get a joint mortgage even though I have a mortgage already (I will be renting my property out). the property we are buying will be in joint names and where we will both live.

You will need to ensure that your current lender consents to you letting out the existing property. You'd probably be more likely to get the new mortgage if you convert your existing property to a buy-to-let arrangement. Possible up front costs there though.

I am on the electoral role and have been for many years and credit history is ok. My partner has been a student prior to working and does not appear on any electrol role as he sometimes stays with me and sometimes with his family (his bank statements go to his parents home) as he has moved around alot, but has bank statements of 18months to his parents address. Will this affect our chances of getting a mortgage?

Should be okay. Why not register on the voters roll at parents' home now?