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Second residential mortgage- joint or guarantor?
resilie
Posts: 179 Forumite
After a year of commuting into London and with season ticket hike looming I am again considering buying a crash pad in town.
I have a 98k mortgage on a 320k property with HSBC. Paid off about 70k in the 2 1/2 years since I got it! As all my spare cash has been going on overpayments I currently only have 5k towards a deposit.
I am looking to buy a studio flat for about 225k. I am well aware that I am not in a position to do this on my own at thd moment and my mother has suggested investing into a property so she can use future rental income to polster her pension.
I have several questions: has anyone asked their bank (HSBC in my case) to remortgage in order to release equity for a second mortgage? Are they likely to accommodate this?
My mother lives abroad and does not have UK citizenship nor has she ever lived here- can we get a joint mortgage? Or could she be a guarantor?
Would I be best served approaching HSBC directly for a second mortgage given my track record of paying down my current mortgage or, given how complicated this is, should I contact a broker?
All your help is very much appreciated!
I have a 98k mortgage on a 320k property with HSBC. Paid off about 70k in the 2 1/2 years since I got it! As all my spare cash has been going on overpayments I currently only have 5k towards a deposit.
I am looking to buy a studio flat for about 225k. I am well aware that I am not in a position to do this on my own at thd moment and my mother has suggested investing into a property so she can use future rental income to polster her pension.
I have several questions: has anyone asked their bank (HSBC in my case) to remortgage in order to release equity for a second mortgage? Are they likely to accommodate this?
My mother lives abroad and does not have UK citizenship nor has she ever lived here- can we get a joint mortgage? Or could she be a guarantor?
Would I be best served approaching HSBC directly for a second mortgage given my track record of paying down my current mortgage or, given how complicated this is, should I contact a broker?
All your help is very much appreciated!
0
Comments
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No replies?
Any help/pointers would be greatly appreciated! 0 -
Your mothers position offers you no options.
Why not sell up and live closer to work. To reduce commuting time and expense.0
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