unmarried couple, two principal residences?

nuki

The_J wrote: »

Yes, it would have to be on his income alone, without knowing the specifics I am just chucking stuff out there. Being a chauvinist I assumed the man was earning all the money

Did you tell Halifax the whole situation? I.e splitting up etc. Not saying that's a bad thing, Halifax are a very good lender.

I make decent money, it's just London area property prices that are out of sync with decent incomes

Yes we did tell Halifax that we are partners currently living together, unmarried, child together, and decided to separate in the near future but would like to purchase two properties in joint names, joint mortgages, and maintain separate main residences. And that we needed to understand if we can get a second residential mortgage with less than 25% downpayment.

The only concerns they expressed so far was - they wanted to confirm that we wouldn't rent one property or let it sit unoccupied.

The_J

Yes, that will be your biggest barrier. Lenders are naturally wary about that and specifically given the current need to make sure loan books are transparent. Can you do 10% deposit on the first property and have 25% on the second?

Dave_Ham

Ok - sorry out with clients..

The J - sensible and pragmatic advice.

My additions would be that whilst I like Halifax as a more flexible lender than some of their counterparts, be very careful what information you are given.

I would certainly not use the same lender, as they would be taken an unrelative amount of risk on your situation (hence the 75%)

This is achievable, but and I guarantee this Halifax will call you this evening and put your mind at rest to ensure the mortgage advisor gets the business in hand (first mortgage) it is likely to be non-advised and therefore the onus is on you.

When it comes to the 2nd home, you will get the computer says no, does not fit policy etc. and you will never track the first individual down as you will be on call centre management from Halifax, Leeds, Dunfermeline or Wales (I think still maybe in any case)

See a broker (and a decent one) ideally face to face, as your situation is achievable but complicated.

I still believe you can get what you desire from the information to hand, although every lender views this differently.

I would also advise, that you spend a couple of hundred pounds getting this all drawn up from a solicitor and then the other party gets independent advice.

Otherwise, to the letter of the law you would joint mortgage holders on both properties - assume you get what you need.

Ask any questions, but please do not let Halifax credit search you until you are sure on all of the variables.

I am cleary biased, but this should be a situation for a broker to help you with and then again on the next property.

I wish you well...

nuki

Thank you very much Dave! We did think about drawing up some document with a solicitor, but we have yet to speak to one about our plans.

And it is probably a good idea to go to another lender for the 2nd purchase and do it all through a broker instead of the lender directly.

Halifax already searched us when we did the individual AIPs, so we told them no more searches until we actually apply for a mortgage.

Dave_Ham

Good call, their AIP's are only a soft footprint so not end of the world.

Try and ensure your broker represents the whole of market or independent and I would try and get face to face given the complexity of your situation.

Good luck and do update and ask any questions if necessary.