2nd mortgage

moneysavingyouth

Hi, I've been a fan of these forums for a long time - but this is my first post.
I have read through all the threads, and have for once not been able to find an answer.

I currently have a mortgage with my wife, and have a LTV of around 60%.
I'm considering buying a second house (50/50) with my parents - that they would live in but I would put down 50% of the deposit and mortgage payments.

I've read some mixed reviews on if this would be even possible.
Could I go joint on a mortgage on somewhere I would not be living at?

A buy to let doesn't really fit, because it would involve my parents buying half and renting it to themselves - which I'm pretty sure isn't allowable.

herbiesjp

As long as your income can support both mortgages then some lenders will allow this.

moneysavingyouth

herbiesjp wrote: »

As long as your income can support both mortgages then some lenders will allow this.

Thanks for the quick reply.
Both mortgages are small, so affordabilty should not be a problem.

Doing the maths, I would be mortgaged to just over twice my anual salary (50k salary, would owe 110 on 2 houses - with total current value of assets at around 200 for my house and 1/2 of the new house).

Now that I know it's not a complete non starter, I'll go and talk to a whole of market advisor and see how the land lies.

Thanks again.

herbiesjp

Sounds pretty straightforward.

There could be the odd criteria "issue" depending on the whole scenario, but based on the figures is do-able.