Can I get another mortgage if I already have one?

efchutchy

I am wondering how easy it would be to get another mortgage on top of the one I've got now.
I want a bigger house so I have a child so my intention would be to rent this one out until the mortgage is paid off in approx 25 years time. It would be part of my retirement plan. The current house already has a consent to let on it so that wouldn't be a problem.

Would I have to rent this house out first and then apply for a mortgage or could I get a mortgage for another house whilst living here?

My girlfriend is currently on maternity leave so how would this affect any mortgage application in a joint name? Would they take into consideration her full job earnings or just the maternity pay?

Thanks

BitterAndTwisted

Do you have enough income to support two mortgage if the worst should happen? Or enough cash-reserves to weather a nasty storm or two without putting the roof over your child's head in jeopardy?

efchutchy

BitterAndTwisted wrote: »

Do you have enough income to support two mortgage if the worst should happen? Or enough cash-reserves to weather a nasty storm or two without putting the roof over your child's head in jeopardy?

Yep and yep

theartfullodger

In principle can't see why if lender(s) are happy...

Many landlords have multiple mortgages, and perhaps also a residential mortgage only (although you don't get tax relief usually/always on the residential mortgage..)

Make sure you understand the tax implications before deciding how much to borrow on which pile of bricks.. Jimmy Carr, bankers, they're all reducing their tax bills....

sw_jay

Me and my girlfriend have just obtained a mortgage on a new house even though we both already own houses of our own.

My girlfriend will be letting hers out once we move into the new house. My house is rented out to my mum although she does not pay me for this.

We had a few problems getting a new mortgage because of the fact I don't get paid rent. We had to prove that we could cover the cost of all 3 of the mortgages. Not all lenders will touch you because of that. I think we only had 3 or 4 lenders to choose from and as a result had to pay a slightly higher interest rate.

However, we still managed to get one, so the answer to your question is probably yes, you will be able to get another mortgage.

Hope this helps

Sailmakers

Because of data protection act banks can only see that you have a mortgage elsewhere but not what kind of mortgage it is. Ideally you want btl mortgages on the ones you rent out or at least consent to let. I have two residential mortgages personally. Make sure the one you rent out is worth less than the one you live in, banks tend to be more lenient with this.

Dave_Ham

Sailmakers wrote: »

Because of data protection act banks can only see that you have a mortgage elsewhere but not what kind of mortgage it is. Ideally you want btl mortgages on the ones you rent out or at least consent to let. I have two residential mortgages personally. Make sure the one you rent out is worth less than the one you live in, banks tend to be more lenient with this.

Sorry, this is rubbish. Banks cannot see what type of mortgage it is, but before they commit to lend they will just ask for proof..

The value thing is also a myth, banks tend to be happier when they can see and touch all of the details and know the parameters they are lending to....

Most banks will be happy with normal non-maternity pay although declarations and employer checks are likely..

All the best....