Is it possible to get a mortgage on two properties at the same time??

purplesmiler82

Me and hubby 2 be looking for a house together. Currently live in 'my' house i.e mortgaged in just my name before we got together....... a couple of the properties we have seen need considerable amount of work and we were wondering if it is possible to purchase a house together whilst still living in the current house until work is completed and then sell and pay off the mortgage off this property afterwards??

Income before deductions: me 35K, his 61K,
I have mortgage for 70K on property vauled at 115K (I know I'm not realistically going to get this in the current market) with a mortgage rate of 0.99% above base rate for rest of life of mortgage (previouslt fixed)

The most recent property we have seen is on at 200K but has been on the market for 6 months and needs LOADS of work!!! We have a deposit of approx 20%.

If it is not possible are there any alternatives????

PurpleSmiler:o

kingstreet

Not exactly the same situation, but similar enough to be of help.

My applicant was party to a mortgage with three of his friends and the property was in negative equity. He wanted to buy with his partner.

We had a 20% deposit and approached Nottingham Building Society who agreed to take the payments for the current mortgage off the applicant's income like a credit agreement, so they assumed he might be responsible for the full payment if his friends defaulted. The residual income was sufficient to provide good affordability for the new mortgage, so the case proceeded without further problem.

It sounds like you have more than enough income to make this work.