Getting a 2nd mortgage

saywhat_3

Any advice greatly appreciated. I own my grandfather's house. Purchased it a year ago now for £55,000 its valued at £95,000. He lives in the house and will continue to do so until he dies (hopefully not for long time).

I want to buy another property with my partner for us to live in so basically my question is will i be able to get another mortgage even though i already have one on my grandfather's house.

herbiesjp

Yes - as long as your income can support both mortgages.

Rover35

But many may require a higher deposit as second mortgages may be limited to 75% ltv. Speak to a good Whole of Market IFA/Broker

saywhat_3

Should also mention the mortgage i have is 95% does this make any difference?

So basically if i can prove i can afford to pay both mortgages with my other expenses and probably have a large deposit i should be ok?

My income is £1600 a month with current outgoings £900 and my partner's income is £900 a month with £300 outgoings so combined £2500 income and £1200 outgoings.

Thrugelmir

Are you related? As the co-incidences are remarkable.

https://forums.moneysavingexpert.com/discussion/2745968

saywhat_3

can see what you mean about the coincidences but no.

I've owned the house for just over a year and im looking to buy the other property now. this other person seems not to have bought yet and is looking next year.

the reason i got the property at such a goos price was because i bought it from the local authority my grandparents had lived in the house for 50 odd years so got discounted rate

CLAPTON

what's your yearly gross salary
what are you debts (excluding mortgage)
how much is the existing mortgage

whats you parents annual salary
what are her debts

themull1

i didnt think that you could buy from local authority, thought the person who rented the house was the only person that could buy at the discounted rate? would you have to sell the house if your grandad had to go in a care home?