One mortgage, multiple properties?

astro_al

Hi, is it possible to get a single mortgage to cover buying 2 properties? I want to buy a flat in Paris to live in and also a barn in the countryside where I can pursue my hobby of building a car. The barn alone will be too cheap to get a mortgage for, so can I include its cost in the flat mortgage?

What are my options? Thanks, Al.

Fairdo_2

If you have enough equity available you could just borrow the additional money you need for the Barn and put less deposit down.

The only time I have seen a mortgage on more than one property, was when it was flats split up from a previous Freehold property.

High Street banks might do so on a comercial basis as a package, rather than through the usual mortgage affordability route. Problem for you on this is that it does not look like either purchase would be on a commercial requirement.

So I'd hope you can set aside some deposit for the Barn.

Scott

As stated above, if you've got the equity in the house, then it'd be fine.

However, for a normal mortgage, you haven't got a chance, I'd say. You don't necessarily need to mention that you'll be using the equity for another place, but there is no reason not to. If anything, it'd be a plus point, since you'd have more solid investments should you default.

Debt_Free_Chick

Hold on a minute. Are these the only properties you have? If so, I think you may find it a little difficult to get a UK lender to mortgage a property in France. Normally, people own a property over here and take equity out of that to buy a foreign property - hence the other posters' suggestions.

Can you clarify your situation so we can all offer the most appropriate suggestions?

astro_al

Ok, let me expand a bit.

I don't own anything currently.

In a few months I intend to buy a flat in Paris where I live and work. It will be a French mortgage lender - everything is French and in France, but I've only been here a couple of years and I figured you guys would probably know about the options commonly available in the UK (which I supposed might be similar to France).

I'd also like to buy a cheap barn for my car project, which is currently in the UK. I figure the cost of travel alone would probably offset any expenditure on the building (more or less), and it would obviously be easier for me. besides I need to move it from its current location in the UK.

I have enough money to pay the 8% fees on a flat here in France for the notaire (lawyer), tax etc. I may have enough left to pay, say, 5% of the mortgage (i.e. get a 95% mortgage). I'm figuring on about 200,000 euros total, for which I could buy a small flat and a cheap barn. My thinking was that it might be easier to get a combined mortgage for the two together since the cost of the barn wouldn't be enough to justify (or even allow) a separate mortgage just for that. But I thought after buying my flat, I wouldn't have enough money left to buy a barn any other way. Can anyone see how I can get both, given that I have enough money / income for a 95% mortage on the total cost of both, but can't get a mortgage for one of them independently?

Hope that helps, thanks for your help. Al.