mortgage query

trackers_trojans

Can anyone give me some advice. i have a nationwide mortgage in two parts total 39k one part has got four and halve years to run the second part twelve years, the value of the property is 90k, i dont live in this property my nan does but i own it and pay the mortgage, i want to buy another property to live in myself, i am currently staying with friends. could i get another mortgage on another property i earn 34k. i would need a 85 -95 % mortgage any advice greatly appreciated:T

CloudCuckooLand

https://forums.moneysavingexpert.com/discussion/3069154

To answer the question in your reply on the other thread -

No. They would see your other mortgage on your credit record, adjust their affordability calculation to take into account the regular outgoing for that mortgage, and arrive at the sort of figures you have been quoted, if that...


Did you get a deifnite answer on whether its joint or not, your Nan's house?
https://forums.moneysavingexpert.com/discussion/2854706

She's 97, why not just be patient a little longer, instead of taking on another commitment which could lead to you having insufficient money to pay the original mortgage?

Wh05apk

yes, but your income would have to cover both mortgages, so you could possibly get about another £100k, you may do best increasing the borrowing on your first property to give you a bigger deposit/access to better rates.

Burridge60

Depends on your income. Some lenders will allow a second residential mortgage.

If the full facts are disclosed and in some ways a family resident in a property is better than a buy to let but you don't get any income.

Give Nationwide a try first as long as they know your Nan is in the other property.

trackers_trojans

The house is solely in my name did a transfer of equity, it is awkward where i live and would be much easier if i had a property of my own to live in and would be much easier when my daughter wants to stay. i could afford another mortgage and always have the equity in the future on the house my nan lives in, why cant i borrow 3-4 times my wages:mad:

Wh05apk

trackers_trojans wrote: »

why cant i borrow 3-4 times my wages:mad:

You can, but that would have to cover both mortgages, if the other property was rented out with a tenancy agreement, then most lenders would disregard the mortgage if the rent covered it, however don't think about trying this as most lenders will not allow the property to be rented to family.

herbiesjp

trackers_trojans wrote: »

, why cant i borrow 3-4 times my wages:mad:

It can be done.

But borrowing money is not a right - it is a business decision.

It has to be done responsibly.

As long as the case is presented to a lender in the right way then you could have options, but it will be down to affordability and what your current commitments are (along with fitting lending policy). For example having a dependent will bring down the amount a lender would look to offer you.

CloudCuckooLand

I hope Nan's solicitor protected her right to permanent residence, from any pesky creditor.

trackers_trojans

CloudCuckooLand wrote: »

I hope Nan's solicitor protected her right to permanent residence, from any pesky creditor.

My nan will always be safe in the house,would not put that in jeopardy

CloudCuckooLand

You may not be alive to have a say in that, or in a job, or many other things that life throws up...the creditors of secured lending will have control...unless the paperwork has been taken care of properly.

Fingers crossed the council don't come for the equity from you, if Nan needs care, too...

Wh05apk

CloudCuckooLand wrote: »

I hope Nan's solicitor protected her right to permanent residence, from any pesky creditor.

Is it possible to do that? If the mortgage is not paid, then surely they will ultimately evict her and repossess the property?

I don't think any creditors would allow anything in place preventing them from seizing the property.