Mortgage advice

getmore4less

VIGILANT22 wrote: »

Rubbish....:) You could have 50 mortgages if you wanted....You wouldn't have 1 house with 2 mortgages ie NR & Abbey...

You could have a mortgage with NR 1st Charge and a secured loan (sometimes referred to as a 2nd mortgage, but it isn't a 2nd mortgage) they are not regulated by the FSA...This is a 2nd charge.....

caught up now, thats good.

It has always been "it is not possible to have 2 mortgages " from post 1

VIGILANT22

not sure what you mean ..you dont have x amount of mortgages with x amount of lenders on 1 property..

joess

getmore4less wrote: »

How many are involved?

My husband, myself, my dad and husbands dad.

Think the best thing is phone NR on Monday morning see if they can offer us any options and if not go and speak to another FA (pref one who knows what he's talking about!!)

thanks everyone, the info you've given me is fantastic.

VIGILANT22

Let us know what NR say..

getmore4less

VIGILANT22 wrote: »

not sure what you mean ..you dont have x amount of mortgages with x amount of lenders on 1 property..

You intoduced the 1 property not the OP

edit: or the original OPs FA if you want

getmore4less

joess wrote: »

My husband, myself, my dad and husbands dad.

Think the best thing is phone NR on Monday morning see if they can offer us any options and if not go and speak to another FA (pref one who knows what he's talking about!!)

thanks everyone, the info you've given me is fantastic.

You might want to look at how you structure this and the tax situation especialy if you are doing this purely as an investment property to sell.

Getting a mortgage with all 4 with any lender may not be simple or possible.

VIGILANT22

getmore4less wrote: »

You intoduced the 1 property not the OP

edit: or the original OPs FA if you want

No dis-respect to the OP however I feel a mis-communication must have occurred here...even the most recently qualified adviser would be aware of 2nd properties etc...otherwise how could they have passed exams..:)

It is not unusual for mis-communication to occur whilst discussing an area alien to people.......I find it even more surprising that the division of NR is omitted...However according to the post the adviser has said NR is not an option...which suggests they are with asset management....who knows!..:)

getmore4less

VIGILANT22 wrote: »

No dis-respect to the OP however I feel a mis-communication must have occurred here...even the most recently qualified adviser would be aware of 2nd properties etc...otherwise how could they have passed exams..:)

It is not unusual for mis-communication to occur whilst discussing an area alien to people.......I find it even more surprising that the division of NR is omitted...However according to the post the adviser has said NR is not an option...which suggests they are with asset management....who knows!..:)

Agree thats why it was important to get to the bottom of the key statement in the OPs 1st post.

We have spoken to a financial advisor and they have advised that it is not possible to have 2 mortgages and that the only way we can release the £115k is to remotgage our own home.

As we know 2 mortgages are not an issue so there are other options.

A mortgage on the new place is not looking that staightforward given there are 4 people involved.

joess

Hi

Ok spoke to NR this morning and they have advised that it is not possible to further advance our current mortgage as we are with NR asset management. So dead end there!

VIGILANT22 - This isn't an alien area to us as we currently own 2 other properties however these are not mortgaged, 1 has a tennant, the other is sitting empty.

The FA 100% said it is not possible to have 2 mortgages, he did mention however a buy to let mortgage - but as there will be no monthly income coming from the 2nd house so this is once again not an option (plus the interest rates are sky high)

We have also spoken to HSBC who seem to be offering a good deal at the moment, but they have an issue with it being empty! May need to knock a doorway through from our house until the rennovation work is completed!

We are also looking into a Woolwich deal too.

If needed we'll take the parents off the named part of the house, we were only adding them for capital gains reasons.

Will let you know the final outcome!

Rick62

I'm a mortgage advisor and I know 100% that you can have two mortgages, subject to affordability which sounds fine in your case. Your broker doesn't know what he is talking about. Also why has he not suggested raising the money on one of your other properties?