Second Mortgage

markfj

Hi all

Just a couple of questions please, I understand Im best of speaking to a mortgage advisor when time comes, buy thought id ask for first hand knowledge as im not in a position to get another mortgage yet anyway

Basically, In the near future I want to get a second mortgage, as I want to buy a small property for myself.

Myself and my brother own a flat together, both our names are on the mortgage and the deeds, we owe around £75k in our mortgage currenty, and though we havent had a valuation done yet as we let it out, we expect around the £140k-160k mark

It is a residential with permission to let on it

If I was to want to buy a second property, Im trying to figure the best/cheapest way to do so, thinking of the following things
1. Both myself and my brother buy together, using current flat as collateral as well as savings

2. Change the deeds of current property into one of our names, that way I think we can get second property in other persons name but still buy together and have 1 residential mortgage each

Is there any other options I havent thought of maybe? I;m not too sure about having a residential mortgage as I think you can only have 1 per person?

Thanks for an advice anyway, appreciate it :beer: