Two Mortgages

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1 reply 384 views
Mookie-BlaylockMookie-Blaylock Forumite
13 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hello,

I have a mortgage with my brother on a property that we now rent out (we have a consent to let agreement with the mortgage company). My wife and I are looking to buy a place of our own. My query is can I have two mortgages?

As you can probably guess this is not something I know anything about :o. And before going to any mortgage lenders I would like to find out some information or what I can do.

Thank you

Stoph.

Replies

  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    Yes, you can.

    Many lenders will allow you to have a let property/mortgage in the background and not "tax" the mortgage payments from your income.

    You may need a higher deposit for the second property, as some lenders' maxima top-out at 80%, or 85%.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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