Multiple mortgages?

The_Magic_Cap

Hi

Is it possible to be named on two mortgages at the same time? I've a joint mortgage with my ex-partner who following a relationship breakdown is remaining in the property with our child? I have legal responsibility for 50% share of this which I pay monthly.

I'm now looking to obtain my own property and was wondering if I can be named on two mortgages at once? Or alternatively whether getting my parents, who are mortgage free, to act on my behalf would be a better option??

Any advice would be greatly appreciated.

thanks in advance

kingstreet

You can be party to as many mortgages as your income indicates are affordable to you, based on the total amount borrowed.

The_Magic_Cap

Thanks for this, do you know if I'd have to show that I could potentially cover both mortgages or just my share plus my own as it would be very tight financially?

kingstreet

Normally, you need to be able to demonstrate you could afford both mortgage payments, in case the other parties paid nothing and you were responsible for the total, which you are, under joint and several liability.

The_Magic_Cap

Right, thanks for this! Although I think renting May have to be the way forward!!!!!

kingstreet

Try a lender's affordability calculator, entering the cost of the existing mortgage to see how it impacts affordability. Here's the Halifax calculator for example;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx