getting a 2nd mortgage when I already own a place

u01jet4

Hi,

I bought a flat in July 2007 (well my parents did and continue to pay the mortgagebut my name is on the mortgage, so technically I think it is classed as mine). I am looking to buy a place with my boyfriend in a year or so, sooner if possible. He is a first time buyer, presumably I am not.

How will this affect things when we come to make a joint application? will we get worse rates or better rates seeing as I am already classed as a homeowner? If my parents choose not to sell the flat soon then what will happen when I try to buy, as technically it will be classed as a second property for me rather than a move?

is it easy to get a joint mortgage without being married?

Thanks

herbiesjp

Being married or not makes no difference when it comes to getting a mortgage.

Having the property already can cause problems - why are you on the mortgage/property?

For a lender to take your full income into account and "ignore" that property, that property would either need to be let out, or you would need to come of the mortgage.

If your income is high enough to support both mortgages, you could have the two mortgages - but without any figures I can't say

u01jet4

The property I already have is already being let out, has been since July last year after I lived in it myself for 2 years. Just now I am only working 30 hours a week and only get paid about £11000 a year but I am hoping to get another job within the next 6 months or so which would give me a pre tax salary of around £24000.

Radiantsoul

It is going to depend on how much you want to borrow, how large your current mortgage is, the value of the property, the deposit you have saved and your partners income.