2 mortgages based on earned income?

astreix

I own a property (mortgaged) and am looking to buy in a different area due to childrens schooling issues.

Both mortgages put together will be around 2.5x our joint incomes. For the 2nd property we can put down about 30-40% deposit from savings. Hence from an affordability or LTV standpoint I am hoping not to face too many issues.

However I'm not sure if any lender would offer a 2nd mortgage based on earned income. Does anyone know if that is possible?

(Some friends have suggested a BTL mortgage, but they have higher upfront fees and/or interest rates. Also our intention is not to rent out either of the two properties till a years time. Once we know the admission results in a years time we might then either rent or sell one of the properties)

Dave_Ham

This is possible yes, although a variety of unique considerations..

Hunt out a broker and they will be able to arrange this for you..

Just been through the school entry process myself with our eldest and stress is not the word....!

Wh05apk

A lender may be concerned as to your intentions with the property, do you intend moving in to it? by the sound of it, it looks like you are just "buying an address" within catchment, so the lender may be cautious, as they will anticipate a consent to let request appearing in 3 months time?