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Not sure if can do this..
sivs
Posts: 247 Forumite
Hey!
I currently have two mortgages but was looking at buying another property with a friend. I was planning on remortgaing my resdiential home to borrow an additonal 100k currently got a mortgage of 85k property is worth 400k to help pay for my half. . My friend will get a mortage for 100K for his share.
Is this possible? I think it is, I know it wll be all on affordability ect
I currently have two mortgages but was looking at buying another property with a friend. I was planning on remortgaing my resdiential home to borrow an additonal 100k currently got a mortgage of 85k property is worth 400k to help pay for my half. . My friend will get a mortage for 100K for his share.
Is this possible? I think it is, I know it wll be all on affordability ect
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Comments
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Will you be renting out the property you buy with your friend?
If so then why not get a buy to let mortgage and just raise the deposits against your own residential property/ies?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Your proposition is straightforward, if you can afford it and it isn't with Nationwide, which will no longer lend for the deposit on a BTL.
What is your friend going to secure his mortgage on?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hello,
Sorry maybe I've not been clear. We both will have 20K deposit to put down so that 40K deposit, I was going to borrow the equity from my house and put 100k down he will then get he will a mortgage for 100k and put this against the property.
Again all depends on affordability...
The reason I ask is I already have one buy to let worth 240k with a mortgafe of 100k so thought it be easier to borrow on my residental home instead of trying to get another BTL plus the rate will be better.
Yes we will be renting it out.kingstreet wrote: »Your proposition is straightforward, if you can afford it and it isn't with Nationwide, which will no longer lend for the deposit on a BTL.
What is your friend going to secure his mortgage on?0 -
He will struggle to get a sole mortgage on a jointly owned property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Ok, thanks I wasn't sure myself probably best to get a BTL together..
Just concerned I will not get another BTL..
Back to the drawing board!!0 -
You can get as many btls as you want - within reason.
Ive got a client who has about 7-8. I have another client who has 1 and his intention is to get another 6 during 2015.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Great, thanks for all you help!:beer:0
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