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Take a second mortgage?
Gdonald
Posts: 1 Newbie
I currently own a flat, bought in Feb 2008. It is in my sole name as is the mortgage. Ready to move to a bigger property with my fiance however I have two issues.
Flat is not worth what it was in 2008. Large portion of the deposit I put down in 2008 eaten up.
The local market is stagnant, flats up for sale and not moving within close vicinity
Rather than stay in the property for the foreseeable future I am thinking of trying of retaining the flat and renting it out. My fiance has a secure job and earns a similar amount to me. Should she try and get a mortgage as a first time buyer on her own? Or is there a possibility of a joint mortgage with my fiance as the first name and me as the second?
My mortgage is circa £80K and going on the online calculators available I think I would get a mortgage up to approximately £130K if applying now. Does this mean there is scope for a bank to lend further funds to me in a joint arrangement?
Also am I correct in saying the more I can pay off from the existing mortgage before I take the next step will increase the amount that would be available to me?
Any tips much appreciated!
G
Flat is not worth what it was in 2008. Large portion of the deposit I put down in 2008 eaten up.
The local market is stagnant, flats up for sale and not moving within close vicinity
Rather than stay in the property for the foreseeable future I am thinking of trying of retaining the flat and renting it out. My fiance has a secure job and earns a similar amount to me. Should she try and get a mortgage as a first time buyer on her own? Or is there a possibility of a joint mortgage with my fiance as the first name and me as the second?
My mortgage is circa £80K and going on the online calculators available I think I would get a mortgage up to approximately £130K if applying now. Does this mean there is scope for a bank to lend further funds to me in a joint arrangement?
Also am I correct in saying the more I can pay off from the existing mortgage before I take the next step will increase the amount that would be available to me?
Any tips much appreciated!
G
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