Joint mortgage but want to buy another place...

[Deleted User]

Hello!
So.... I've had a joint mortgage with my partner for 6.5 years now. All ok & never missed a payment. The purchase price was £103,110 and we currently have £88,500 left on it. Its costs me £228 month for my half.
My father passed on in Jan this year and we are now in a position to sell his home. I will have approx £75k and want to buy another small property nearer to my Mother and register it as my own main residence. I'll still be on the joint mortgage at the current place; as I want to be - the only thing will that will change is my address for billing, council tax, car ins etc..
I've seen a place I really like that's £110,000 - meaning I'll have to get a mortgage for £35k. I earn £22k (£1504 month net) and will have no outstanding credit card or car loan debt when I come to apply. My credit score was 999 a few months ago - so shouldn't have changed. I've no defaults or missed payments...
My questions are:
A) is this possible to be on a joint residential mortgage and have a residential mortgage in my name only at the same time?
when looking to do this, would the new loan provider take into consideration only half of the current mortgage as its joint or just treat it as the whole figure to assess my application?
C) as I want to 'relocate' myself to the new address solely on paper; does this have any impact on my current joint mortgage? Like I said, I'd still carry on paying half.

Thanks for reading and any help or info appreciated!

anselld

"Relocating yourself on paper" does not legally allow you to nominate this as your principal residence for tax purposes. You have to actually "reside".

[Deleted User]

Yes, I wrote this incorrectly and realised after posting.
I would be residing their 60-70% of the time, as opposed to my current home.
"On paper" does make it seem 'shady' - I agree!

kingstreet

A - Yes, possibly.

B - All of it, as you are jointly and severally responsible.

C - Your current mortgage won't be affected.

amnblog

A - KS is correct as ever


B - KS is correct as ever


C - KS is correct as ever

dimbo61

This will be one for a " Whole of market mortgage broker "
You could waste time and money applying to the wrong lender.
You do not talk about how much your partner earns.
£88,000 is 4X your income and you want to borrow another £35,000.
Costs of owning and running 2 properties ?
Questions will be asked

[Deleted User]

Thanks for all your replies...

My partner is a freelancer/self employed and has an average yearly net of approx £22-25k
It seems silly that the whole of the joint mortgage be taken into consideration - it's joint!! However, I do see in regards to "what if?"

Ive done all my calculations and could run it solely and then continue to contribute half as info already to the current property.
Will see what develops.
Can you even get a £35k mortgage?!

Thanks for your replies, once again

dimbo61

Yes you can get a £35,000 mortgage but be careful of arrangement fees and Interest rate is not that important when you are only borrowing £35,000.
If you find a great rate but mortgage fee is £995 or £1495 that is 3/5% of loan then you might be better off paying a higher rate but No fee.

amnblog

It's joint and several - not joint.