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Hypothetical question - two mortgages on one property?

I'm just wondering about this as a possibility.

I realise it isn't possible (or at least very unlikely) to get two separate mortgages on one property with two different lenders as one will want to have 'first charge', but is it possible for two people to get two separate mortgages with the same lender?

It's not really likely that I would do this, but it's good to know all your options. Thanks for any input :)

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No it's not possible, it would need to be joint.
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think it might technically be possible, but I can't see that it is something a lender would be happy with...
  • Dan_1976
    Dan_1976 Posts: 943 Forumite
    You can have lots of mortgages, but they have to be joint and as you say 1st, 2nd charge etc. It could be done in theory with legal help but not worth it as lenders would say no.

    Why? If its an ownership issue you can have a joint mortgage but have the property as tenants in common. Its means its split and does not pass to the other person if anything happens to them, its goes to the estate.
    "Banking establishments are more dangerous than standing armies." Thomas Jefferson
    "How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen

    Debt Apr 2010 £0
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