Two houses on one mortgage?

Kellyannburton

My partner and I own a house which is currently
bring let on a lease to let mortgage. We have
about 30 percent equity in the house (40k).
We live on a boat but We have found a house we want
to buy to move into. We can find another 20k to add to
the equity on the other house to give a total of 60k.
If we have a combined income
of 54k can we buy the new house by using
the old mortgage whilst still letting
the old house out? The new house will be roughly
150k. So in essence 60k equity and 220k mortgage.
Or do we need separate mortgages for each property?
Any help much appreciated.

holly_hobby

Yes - all mge lenders require 1st charge, and you can only have one 1st charge on a property (which your current mge lender holds).

Holly