Can I have 2 residential mortgages?

ACG

You could get a mortgage but you are probably going to be limited to about £115-120000.

The reason being is that you are jointly liable for that £95k.
So lets assume you can borrow 4x your income as you have 4 kids - that would be £20k+£27k+£6k = £53k (or as close as damn it).

£53x4=£212k - £95k = £117k.

You might actually find you can lend more by doing the mortgage solely in your wifes name with you named on it - although 4 kids may impact on that to some extent. Not many lenders will allow a single app but the odd lender will.

kingstreet

There are lenders who will treat the existing mortgage like a credit commitment and deduct the monthly cost, rather than the capital balance.

This route will probably see a bigger mortgage amount.

It's a broker job. Going direct to the wrong lender will see this idea perish.

ACG

Everyday is a school day.

BROWNPJ130180

Thankyou for your replies.

My initial meeting was with a guy from Natwest. I didnt pick them for any other reason than that I bank with them and they have a local branch.

I would like to investigate this further as if at all possible I would like to keep the property I currently own (jointly) as an investment.

I guess the nest step for me is to discuss my details with a broker.

I have no experience in doing this. Any recommendations as to a good one?

I am based in Preston, Lancashire

Thanks in advance..

ACG

Can friends or family recommend anyone?
If not, then I would say use google and give some local firms a call have a chat and see if you feel like you could get on with them for the next 2-3 months whilst it all goes through.