another mortgage question

markeymark

I have a mortgage with northern rock still has 23 years to run

my property is valued at 68000

my mortgage is 52,088 secured

and unsecured of 10,091

I earn 25,900 before tax and NI

what i am looking to find out is if i could apply for another mortgage with my partner, she earns 11750 before tax and NI on a property valued at 90,000, but the purchase price would be 65,000

all help would be greatfully appreciated

MortgageMamma

Hi MarkeyMark

Are you tied in to the mortgage with Northern Rock? This means do you have early repayment penalties if you move?

If you are tied in, you might be better porting the mrotgage (this means moving the mortgage you have got now to the new property) and adding your girlfriend onto it. You will still have to pay an arrangement fee and a valuation fee for the new property and legal fee's to have girlfriend added

If you are not tied in to the mortgage, and there are no large fee's to leave, it might be an option to look at taking a brand new mortgage together

Your best option is to speak to an experienced professional mortgage adviser and let them assess your circumstances and do the maths to find the best option for you

MortgageMamma

markeymark

sorry i forgot to mention, i am looking to keep my current mortgage on and buy a seperate property with my partner

wardlaw

Hi Mark
I take it you proposal is to to let your existing property out, then purchase a new one with your partner

Northern Rock do lend on BTL properties, but I suggest you contact them, to seE if they will switch your present main reidential property to a BTL as the terms would have to change and I do not know if they would simply change it without fees or indeed a redemption penalty

best of luck

I am a Mortgage Adviser


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MortgageMamma

Hi Mark

If you get consent to let on your current property, you can still buy a new property with your partner. If you are receiving income from the property you own now, once its rented out, SOME lenders will not consider the fact you own that property when applying for a new purchase. Some lenders will even let you use some of that rental income for mortgage affordability purposes. This is called a let to buy mortgage (do not confuse that with a buy to let mortgage, is different)

Dont attempt to do this on your own, get some professional help from a fee's free whole of market mortgage adviser