Joint second home mortgage?

neorich2002

Hi All,

I currently have a first-time buyer mortgage for a flat which I live in, with £135k outstanding. This is not a joint mortgage, and was obtained with 15% deposit.

In the next 6 months I would to take out a joint mortgage with my brother (in addition to the one I already have, and not affecting it), on a property of around 140k with about 30-35% deposit, for a property he will live in and I will regularly stay in for work. But I have a couple of question about this.

1.) When I look at what the banks offer, I do not see a category for "joint-partial-second home mortgage". I'm no longer a first time buyer, I'm not buy to let, I'm not moving home, I'm not borrowing more on my current mortgage. What am I?

2.) Our affordability will be fine for this, but I'm curious whether this is considered some kind of "specialist" mortgage, whereby the high street banks in all their wisdom will just reject this kind of application without actually considering it on its own merits. And if they will then does anyone have suggestions as to which banks may offer us the best chance with this kind of mortgage?

3.) Anything else you think would be helpful, perhaps if any of you have done something similar?

Thanks

Regards

neorich2002

kingstreet

It's a residential mortgage for a second property. Product choice will vary from lender to lender, but worst case scenario will be "home mover" product; as will loan to value with some reducing what they will lend. None will be less than 65% though.

Affordability will be tested to ensure you can afford both mortgages.

neorich2002

Great thanks