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Two mortgages - possible?
missis_amber
Posts: 92 Forumite
I have a mortgage on my property.
I would like to help my sister buy a house and as a single-mum on low income she won't be able to buy a house herself. Would I be able to get a joint mortgage with her? We have a good sized deposit. Would their be any restrictions that I need to be aware of?
I would like to help my sister buy a house and as a single-mum on low income she won't be able to buy a house herself. Would I be able to get a joint mortgage with her? We have a good sized deposit. Would their be any restrictions that I need to be aware of?
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Comments
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You can have as many mortgages as you can afford. You need to avoid some lenders who have an issue with someone having two residentials.
You need a lender which will accept you being a party to the mortgage and the ownership of the property while not being resident therein.
Alternatively, you could be a guarantor, effectively a joint borrower not named on the ownership.
You would need to demonstrate the ability to pay the whole mortgage for the whole term.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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