Named on a mortgage, can I get a second??

nat6284

Hi All,

Advice needed asap please.

I am named on another mortgage although I do not pay towards it and no longer live at the property.

Myself and my partner have the opportunity to buy the house we currently rent, with my situation would that be an option for us and can anyone recommend a mortgage broker etc who may help.

Many thanks in advance.

Nat

ACG

Yes but depending on whether the other property is a residential or a btl property it may cause issues with some lenders.

The other thing is that you would not be able to use the help to buy scheme (either of them), that rules out a lot of 90-95% LTV deals.

Verix

Also before speaking to a broker try and get all the mortgage details together like mortgage outstanding, term, monthly repayments etc.

Goldiegirl

You might find you have more options if you were removed from the existing mortgage.

To do this, you'd need to apply to the current Lender for a Transfer of Equity. The other person on the mortgage would need to be agreeable, and of course, would need to prove that they can afford the mortgage on their own.

Thrugelmir

nat6284 wrote: »

I am named on another mortgage although I do not pay towards it and no longer live at the property.

You remain liable for the mortgage. So a matter that needs addressing not simply ignored.

OneEngland

If you remain on the current residential mortgage, a new purchase would be classed as a second residential and not all lenders will be interested. LTV's will be limited and affordability usually based on the total of both the old and new loan.