Second mortgage with second charge??

abingdon

Hi
We have a mortgage with 11 years to pay off and want to keep the house with this elsewhere in the country - the market there is tired but the repayments tie in with our son going to uni in 11 yrs time:)

We have relocated and though we have tenants in our property in East Mids we pay a hefty rental for current place in the South:(

I have an opportunity to have contribution from employer into joint ownership of property here. Can I get a mortgage on this basis?

Thrugelmir

Second mortgage with second charge??

Your thread title suggests more?

I have an opportunity to have contribution from employer into joint ownership of property here. Can I get a mortgage on this basis?

Could you expand some more. As to what sort of contribution.

We have a mortgage with 11 years to pay off and want to keep the house with this elsewhere in the country - the market there is tired but the repayments tie in with our son going to uni in 11 yrs time

A question I always ask. Are you declaring your rental income for tax purposes ? ( As many aren't).

abingdon

Thanks for swift reply

The title - I had a quick response from a broker (not on MSE!) who suggested that our position was a non-starter as we couldn't get a second mortgage and certainly not if my employer was putting in money.

The contribution is not finalised by the employer - I need to know the best way forward - would it be as a part ownership or separate loan - I need to beware of tax liabilities though as I don't want a heft benefit in kind applied.

Your third question: yes, I declare rental income for the tax man.

Thanks, Thrugelmir; I didnt expect a response that quickly!

Thrugelmir

If the move is permanent I would sell the other property. As a low LTV would enable you to obtain a much better new mortgage rate.

At the moment the assessed Beneficial loan interest rate makes employer subsidised loans not particularly tax efficent, in relation to real rates of interest.