Advice regarding mortgages and buying a second property

Yasmin02

Hi All

I was wondering if you could offer me some advice on the following. The scenario is as follows,

Some time ago I bought a property for my family and they now wish to upgrade to a larger property. Obvioulsy everything is in my name and therefore I said I will get a mortgage for him on his behalf (as he is coming up for retirement) etc. Mortgage of approx 50k.

I am also looking at buying another property in London but was wondering the following. Was looking at buying it now jointly with my mum (as I guess the mortgage co would not lend me that much on the second property due tot he outstanding debt on the first one). That way I figure I could lend more with a joint application.

My questions are as follows

1 Will mortgage lenders have a problem with lending me money on the second property?
2 How much would I be able to lend on the second proeryt
3 Are there any tax implications?

I was wondering peoples thoughts as I am getting quite confused with it all.

Thanks in adance for any advice given.

Yasmin

aah

what will you use the second property for? Investment, buy to let, a second home?

huggermugger

I don't think anyone could answer these questions without looking at the figures - ie: cost of house, your income, amount of capital available, any rental income etc. And yes, there are tax implications to owning a second home. Really, you need to see a good mortgage broker (I have used London & County in the past) and also talk to an accountant.

huggermugger

I don't think anyone could answer these questions without looking at the figures - ie: cost of house, your income, amount of capital available, any rental income etc. And yes, there are tax implications to owning a second home. Really, you need to see a good mortgage broker (I have used London & County in the past) and also talk to an accountant.

Yasmin02

Hi

Thanks for everyones response.

I would use the second property ie the one in London to live in whilst I work in London. So basically my property up North will just be really a family home and the other one for me to live in as well. If this makes sense?

Thanks in advance.

Yasmin