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Getting a 'second' mortgage
ianandrachel
Posts: 3 Newbie
Hi,
Hope someone can advise with this!
I am on a mortgage with an ex partner. I haven't lived there or paid anything towards the mortgage for 5 years. I want to buy a new house, been renting for a long time now!
We have a child together so I don't think i have any chance of forcing a sale. Would a mortage comapny give me another mortage despite me still being on the first? My income wouldn't be enough for the two but i haven't paid anything for 5 years so would this matter?
Thanks for any advice!
Hope someone can advise with this!
I am on a mortgage with an ex partner. I haven't lived there or paid anything towards the mortgage for 5 years. I want to buy a new house, been renting for a long time now!
We have a child together so I don't think i have any chance of forcing a sale. Would a mortage comapny give me another mortage despite me still being on the first? My income wouldn't be enough for the two but i haven't paid anything for 5 years so would this matter?
Thanks for any advice!
0
Comments
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The existing mortgage will be treated like a credit commitment and the monthly payment deducted from your income. This is because you are still liable for it, even if not paying for it now. You really need to resolve this liability, before it bites you!
A second mortgage will probably see you needing a deposit of 15% to 20% as lenders reduce their maximum loan where there's another mortgage in the background.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.0 -
Going to depend upon the rest of the detail and not going to be straightforward.
Worth spending an hour with a mortgage broker, many will not charge just to assess your options.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thanks, that's what I feared!
Am I doomed to rent until our child is 18 then? I can see no way to get rid of the mortgage liability, horrible situation.0
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