IS it possible to have 2 primary residence mortgages?

nawfal

Hi all, im new here.

i was just wondering is it possible to have 2 mortgages that are primary residences? i have a 100% mortgage with HSBC, and was wondering if its possible to get another one with a different bank for another property i want.

How will they check?

im basically asking is there any way to get 2 100% or 95% mortgages.

thanks
nawfal

Redbedhead

I think you will find it will show up on your credit check that you already have a mortgage. You have to declare all borrowings when you apply for the mortgage, so would need to do so then as well.

herbiesjp

You have to disclose any existing financial commitments on the application form that you complete - if you knowingly do not disclose all information then you are trying to apply for a mortgage fraudulently. A very silly move, as the lender will very easily see you have the other property.

There may well be other legal ways of getting/keeping residential rates.

By the sounds of it you would benefit from the use of a fee free whole of market adviser.

roswell

it is possible i almost did this about 2 years ago but the purchase fell through, I was advised as mong as it was disclosed it wouldnt be a problem.

nawfal

hi thanks for your replies.

i understand they can tell you have another mortgage, but why cant i just tell them its a buy to let?


can they find out?

Leon_W

They'll find out when they ask to see the tenancy/agency agreement and proof of the rental income which you can't supply !!

You can get a buy to let mortgage @90% LTV. However, getting the rental figure to fit at high LTVs these days is hard.

Regards

nawfal

hi

i found 2 90% Buy to lets- edeus and portman.

as you said it was difficult to satisfy their criteria

maybe i should look into self cert (i dont have a job and dont have a residential mortgage)

oscarsacco

nawfal wrote:

maybe i should look into self cert (i dont have a job and dont have a residential mortgage)

In this case, without a large private income, you would have to self cert - and it aint cheap...

MortgageMamma

So if you don't have a job where do you get all your money from?

herbiesjp

nawfal wrote:

hi

(i dont have a job and dont have a residential mortgage)

I thought you said you had a residential mortgage with HSBC?

nawfal

herbiesjp wrote:

I thought you said you had a residential mortgage with HSBC?

basically let here is the whole story

me and my friend decided to get into property.

he has a job, im in my last year as a doctor, so im gonna be earning soon, but not yet

so we found one place, and he used his primary residence to buy it. and we are currently letting it out. I am not on the mortgage.

we have now bought another one, put the deposit down.

and im wondering if there is any way i can get another primary residence, or should use my self cert, or should i get a 90% buy to let mortgage (they are expensive and hard to satisfy).