Two residential mortgages? Can it be done?

MissionMoney

Hi, does anyone have any advice regarding having two mortgages or if it is possible?

I have a mortgage with my parents on their home. I bought with them as an investment when I worked in finances. However, I now am getting married and would like my own family home.

OH has a mortgage on a flat, which may or may not be sold if we bought together.

I of course wouldn't sell my property as my parents reside there.

What would be my options?
Can I have two residential mortgages and if so, would I be limited as to ltv and providers?
Or should I remove myself from my joint (with parents) mortgage (
- would prefer not to do this as I have invested.

Anyone any ideas?

Many thanks x

kingstreet

Yes, you can.

Yes, your options will be limited.

Yes, you may find loan to value restricted by some lenders.

You will need to demonstrate affordability for both mortgages, as you could be left paying both of them if the worst happened.

Some lenders will apply the current mortgage payment like a loan or HP deducting the monthly cost from affordability, rather than the capital balance from your borrowing power. This will probably be helpful to you.

An independent broker would be a good first port of call to establish affordability.