Help second mortgage

bb80

Hi All,

My first post on MSE. I wonder if anyone could help with a query related to second mortgages.

I currently co-own a flat on a buy to let basis. My ex partner and I decided not to sell it. I however pay the interest on the mortgage on the flat ~ £150 p/m.

I would like to know if there is any specific criteria related to obtaining a second mortgage.

Some details below:

current value of flat ~ £190k
mortgage left ~ £130k

my current salary ~ 55k

I have ~ 30k in savings and looking to buy a new home 130k to 160k

Thanks

regards

BB80

pcgtron

Who lives in the BTL? Tennants?

bb80

My ex-partner at the moment until she finds a new place to stay as she was staying with family until now.

kingstreet

You're looking for a new residential mortgage. A second mortgage is something totally different.

You'll need a lender which will ignore the other property/mortgage, rather than deduct the cost of it from affordability. That may be difficult if the joint owner is living in it.

You will find some lenders require 15% deposit or more, for a second property.

You'd be better off discussing this with a whole market broker near you.

bb80

Thanks for the quick reply. I will try whole market brokers and report back in case someone has a similar query in the future.

bb80

Dear All,

After seeing an independent mortgage adviser I am happy to report that for my case of already owning a buy to let lenders will provide a mortgage with a minimum of 10% deposit. Interesting is the fact that one of the lenders is my current lender for my buy to let who would not lend me the required amount. How is this possible same data provided two completely different offers. Good to see the mortgage market is still as inconsistency has it was before recession hit.