Paying 2 Mortgages

mark206000

Hi Everyone,

I currently own a house with my mum and dad, well paying the mortgage anyway.
House is currently worth about £140k, not fantasy figures, but selling prices around the area. It has an outstanding mortgage of £35k.

Problem is i'm looking at getting my own place maybe at the end of the year if not a little sooner and i'd like to come of this mortgage. But my mum and dad for various reasons are part time working only, they earn about £10k between them.

The mortgage advisor went through various companies and the max they would lend to them was £15k, not much use, so it seems i'll have to stay on the mortgage, it's £180 a month at the moment.

So question is really, how much will this affect me getting my own mortgage. 2 of us buying, we're looking about £150k with about 30k deposit. I earn £28k and the girlfriend £17k, no other debts.

Do I need to worry about this or am I panicing over nothing really, mortgage advisor says it'll not be a problem for those amounts. But I just want to be sure !

Thanks !
Mark

JA1000

Pay off other mortgage with deposit, this leaves you mortgage free and effectively a FTB. Then look to save another deposit? Not sure your SOA so how quickly can this be acheived?

mark206000

Thanks for the reply Ja1000.

It's took me a while to save this much up and not all of it's mine, some of it's the girlfriends. So I wouldn't be able to do that.

My mum and dad can pay the mortgage themselves and have an endownment due in a few years which will half the mortgage to about £17k. They just can't get it on their own due to the tighter bank lending. So I need to stay on it.

I've checked online calculators with me being on another mortgage of £35k and paying £180 per month (i won't actually be paying this, they will) .

Says they will still lend between £160k - £210k. I'll only be looking to buy a house of £150k with £30k deposit, so a £120ish mortgage.

Plenty of prople get mortgages with outstanding loans etc, will this not just be comparable to paying out a loan of £180 per month. ?

Any mortgage advisors out there, help !

Thanks !
Mark

Leon_W

Yep. You should be fine and would fit quite a few lenders affordability models subject to credit score so stop panicking.

Regards