Multiple mortgages - advice please

Juliette123

Hi

I have found myself in what I think is becoming a more common situation...I bought a house with my sister (who now lives there alone), met my husband who had his own house and then we both got new jobs in an area too far away to commute. To solve this problem we rented his house out to a friend and we are now renting.

After owning and living in our own homes for some time we would prefer to buy a house together but have not been successful in selling our existing houses plus feel they will be a good investment for the future.

Is there any way of getting a third mortgage in this current financial climate and if so should we be seeking advice from a mortgage advisor in the first instance?

Any advice would be appreciated. Thanks

dimbo61

You have given no info on LTV of either property and outstanding mortgages?
If you asked your lenders for permission to let would be a start and seeing a " whole of market mortgage broker" may help

obee

We are almost in an identical situation to the OP and would very much like to get advise on this. Our existing properties have about 50%-60% LTV remaining mortgage & one of them is rented out (and the other my wife's sister (co-owner) lives in it).

We possibly have 20-25% deposit on a new property, how easy would it be for us to get a mortgage of 80% and would our existing mortgages hinder us?

kingstreet

obee wrote: »

We are almost in an identical situation to the OP and would very much like to get advise on this. Our existing properties have about 50%-60% LTV remaining mortgage & one of them is rented out (and the other my wife's sister (co-owner) lives in it).

We possibly have 20-25% deposit on a new property, how easy would it be for us to get a mortgage of 80% and would our existing mortgages hinder us?

I've just done a case where the mother and daughter are applying jointly to buy daughter's first home. Daughter is short of income alone. 25% deposit is gift from grandparents. Mother owns own home and two BTLs, so three mortgages altogether.

You need a lender who will ignore the other mortgages, or at least will treat them as credit commitments and allow the rent as income to offset the mortgage costs.

Whole of market or independent broker is your best bet.