90% LTV if listed on another mortgage?

adibranch

Hi, can i get a 90% LTV mortgage with anyone, if i'm listed on another mortgage? I have a zero percent share on another mortgage ( i stay on it for practical reasons to do with my ex and my son, but contribute nothing to it).

Conrad

Hi

who is the existing lender and do you live in that property?

In theory yes you can get another 90% mortgage as long as the new application is presented correctly, but most 90% mortgages are pretty expensive.

adibranch

existing lender is nationwide.. and no i dont live there.

BAsically, i'm currently 40 years old, and after a split have been renting. I've recently signed up to a 80/10/10 scheme with a new build. However, i'm just wondering if i've made a mistake, and i should have gone for a regular purchase with putting down 10% deposit, and mortgaging for the remaining 90.
However, i do know i'm not eligible for the 95% goverment scheme as i am listed on another mortage, but i wondered if the same applied for the 90% schemes.

Conrad

Personally I'd suggest an ordinary 90% purchase as the underwriting on those Gov't schemes always seems tougher and full of complexity.
New build is very difficult at 90% and you nearly always loose on them anyway as the 'newness' premium wont exist once you've bought it.

adibranch

this is why i'm now wondering if i'd better off going for a regular house elsewhere, stick 10% down, and find a mortage lender for the remaining 90%. It's just that i wasnt sure if i'd find a lender to give me 90% LTV if i was listed on a mortgage elsewhere.