2 mortgages on 1 property?

d80adc

Hi all,

We hope you can give us some advice on our situation and what we're hoping to achieve.

We own a 50% share of a 2 bed apartment and the other half is owned by a housing association.

We would like to take out another mortgage to purchase the remaining 50% off the housing association.

Our current mortgage lender (Preferred Mortgages) has gone under and the company that has taken over (Acenden) aren't really a lender they're just administrators that maintain the debt.

We're wanting to buy the remaining 50% however we don't have enough of a deposit to take on a full 100% mortgage with another lender.
We have enough of a deposit to cover the remaining 50% so we would like to take out a 2nd mortgage with another lender but are unsure if we can have 2 mortgages with 2 different lenders.

Hope you can help.

Regards

T&H

lee111s

Don't you hve any equity in the property that you could use together with your deposit to get a 90% mortgage?

d80adc

Hi lee111s

Unfortunately no because we bought just before the recession hit.

However they have come up in price so that we're no longer in negative equity.

tvfreek

It isn't two mortgages on one property but a re-mortgage with a lender who allows shared ownership.

Don't attempt to do this yourself but find a broker who has experience in this type of mortgage.

amnblog

tvfreek wrote: »

It isn't two mortgages on one property but a re-mortgage with a lender who allows shared ownership.

If the poster is looking to purchase the remaining 50% of the property this is not a shared ownership deal it will be on a standard mortgage.


Our poster has not made clear the figures involved so it is difficult to decide what options there are.


Either way, it is a case for a mortgage broker.

tvfreek

Yes spot on amnblog it looked as though it was just staircasing up.

d80adc

Hi Guys,

Thanks for your replies, we've made an appointment with an independent mortgage adviser to see what our options are.

Thanks again.