Buying a second house

Sparkly45

I currently have a flat, which is mortgaged in my name. My partner and I are looking to buy a house, which we have around £20,000 saved for a deposit. I am wondering if anyone has any advice as to the best way to go about buying. Currently the mortgage on the flat is in my name, and we'd like to rent the flat out. I'm aware that I can ring my lender and ask for consent to let, which will affect my interest rate. Ideally my partner and I would like the mortgages on both properties to be in both our names, so my question is shall we apply for a joint mortgage for a house? Or shall my partner apply solely in his name as he is a first time buyer? Is it possible to add my partner to my current mortgage? Apologies if this is a bit rambling!

Thrugelmir

What you need to consider is that your existing mortgage commitment will impact the affordability assessment for the new mortgage. As the lender may well take the worst way scenario of your ability to fund the cost of 2 properties. If empty not just the mortgage to pay, also risk that your tenant may not pay the rent. Letting property is not merely a question of collecting the rent every month. You will encounter all the risks and rewards of running a business.

Also that releasing the equity from your current property may enable you to obtain a lower rate of interest.

Sparkly45

Thank you for your response. Affordability won't be an issue, we Re comfortable enough financially to afford both properties if needs be, we are just wondering what the best option would be with the mortgage on the house, whether it would be better joint or in my partners name then adding me to the mortgage at a later date