Second mortgage

nazjon

Hi, query for the mortgage experts on here!!

My personal circumstances have changed recently and I am looking at buying a second property for my ex and 2 children (3 & 5) to live in. We have had an amicable breakup and I am hoping to provide a steady home for them rather than them being at the mercy of landlords (she has moved back to home town 280 miles away with kids and I own my property outright (former family home)). She couldn't be on the mortgage due to an outstanding mortgage with her ex at the time.

I have a repayment 160k mortgage and property is around 265k value. I earn around 38-40kpa and can earn around 1200 month rental from my property if I need to with lodgers. I have a stable job with good security but not much scope to earn that much more although I hope to start a business on the side in the future. I am 34 also so can get 25 year term if need to but ideally keep it as low as possible. My current term has 19 years to run.

I am tied into a fixed term for next 18 months but after that I want to potentially re-mortgage to release some equity and buy them a property and I pay that mortgage. What happens to it after that will be another matter altogether so I just want to know if its possible for now! If/when she got with someone else then it would obviously change and that would be discussed before committing to anything.

I aim to buy a second property for around 150-180k for them so was wondering what my chances would be with getting a mortgage on the above figures. I have very good credit history, no missed payments, no debt etc.

Thanks