2 mortgages on 2 different properties

mdf14

Hi everyone,

I'm currently thinking of buying a flat in Bristol (where I work a lot), but would like to keep my existing house in the North East. I have a £86k mortage on the NE house, its worth around £110k. What is the best way of getting a mortgage for the Bristol place, bearing in mind I have no spare cash for a deposit? Are my current mortgage providers likely to increase my mortgage to cover both properties, or will I have to release some of the equity, say £10k, to chuck down as a deposit on a totally new mortgage?

Any advice appreciated.

Thanks
Michael

JoeK_3

What will you do with your existing property?

Will you rent it out?
Where will you live?
What is your income?

JoeK

mdf14

I'll live 50-50! Typically work in Weston near Bristol three days a week, so would have two nights a week there, and the rest back home in N East. My salary is £47.5k, flat in Bristol I'm after is £120k, so total borrowing would be around £210k. Plan would be to get a room-mate in Bristol paying rent, though I could afford it without a room-mate.

JoeK_3

It could be done.

There are lenders that will allow two mortgages.

Find a good whole of market mortgage broker to find the best lender that would accommodate this

JoeK

herbiesjp

The figures do just about work out, although you do not say if you have any other debts in the background

Basically your income would need to support both mortgages

If you can raise the 10% deposit it will make the second purchase easier and mean far more favourable rates