Getting a mortgage at home if have one in another jurisdiction

stb101_2

Hi everyone

Some advice needed please. My husband and I are trying to get a mortgage. It will be my first mortgage and his second – he owns property with his family which is in a different jurisdiction. Because of that, we understood there was no need to declare it following advice from a financial advisor. Now, we have began the process of applying, and we have been asked to sign a declaration saying we have no properties/ mortgage anywhere else in the world. This is on a ‘help to buy’ declaration. We aren’t using the scheme, but apparently have to sign this as out LTV is less than 85% (we are putting down 10%).

Does anyone know anything about this? Are there any banks that don’t ask you to sign the declaration? I don’t want to declare it if we don’t have to, but if we have to, obviously we will. FYI the property currently on a long term rental which covers the monthly mortgage repayments, but I’m worried they would question affordability by saying ‘what if your tenant moves out’. FYI again, if that did happen, our in laws would pay it – but i don’t think the bank would take the risk.

Thanks in advance.

kingstreet

If you are putting down 10% how can your LTV be 85%?

stb101_2

sorry - i meant - declaration needs to be signed if LTV is 85% or higher. We are putting down 10% so our LTV is higher than this - 90%

ACG

Whos the lender?
Some lenders do use help to buy at 90% LTV.

Where is the property?
Are you paying for a mortgage that will appear on the bank statements?

stb101_2

the lender is virgin money. the property that we want to buy is in the UK, but the other is in ROI. The mortgage payments for the ROI one arent on our bank statements - we have an account there which we transfer money to when required thru the post office. but generally we dont need to do that as rental income covers it. so there is no mortgage payments go thru our UK bank statements.

Virgin ask for the declaration to be signed for LTV 85% or above - do any lenders not do this?

Yorkie1

Which type of Help to Buy is it?

I thought that if you had a second property anywhere, for at least one of the schemes, you were ineligible full stop.

Thrugelmir

stb101 wrote: »

Virgin ask for the declaration to be signed for LTV 85% or above - do any lenders not do this?

Commit fraud at your peril and suffer the consequences. Lying is certainly not advisable.