Confused

BIGBLOOMERS

I would like to help my daughter buy a home. I have 30k saving. I also own 2 houses. The first one is mortgage free but the second one I am renovating and I will need a mortgage of 40k if I also use my saving. Would I be able to get 2 mortgages I earn 30k.

ACG

Why do you need 2 mortgages?
Could you not just get one bigger mortgage?

BIGBLOOMERS

I thought you could only borrow what a house is worth and I would need 240k in total.

libf

Not enough details. How much is each house worth and how much is the mortgage that you already have?

BaxUk

Most high street companies have affordability calculators on their websites, I would recommend using these to get a rough idea as to whether the total borrowing you are looking for is affordable first of all.

Then you need to look at the value of the properties vs the borrowing your looking for, the higher the Loan to Value the higher the interest rate, and some companies have maximums depending on your circumstances.

Worth potentially giving your preferred company a call to talk directly to them to gain some idea of whether its plausible or not for you

ACG

Your not giving us anywhere enough information.
I think it would be a good idea to sit down with a broker - no offense intended but I think you will get far more done in a 10 minute conversation on the phone than you will on here.

BIGBLOOMERS

One houses is valued at 150k I shall be renting this house for £550 a month and the second house is valued at 120k at the moment none of these have any mortgages. once the second property has been renovated it should be valued at 180 to 200k but I will need a mortgage to complete the works. I also have 30k saving. I shall live in this house.
I shall try a ring a broker

libf

So with 80% LTV mortgages against both you would be able to borrow a total of £216k, but on a salary of £30k that's 7.2 times your salary so unlikely.

Probably the most you can borrow is about 4.5x salary, which is £135k and that's assuming it's affordable (i.e no ongoing credit commitments).

If you need is £40k (not sure on this from previous posts, or how much daughter needs?) then one mortgage on one property would be fine.

BIGBLOOMERS

libf wrote: »

So with 80% LTV mortgages against both you would be able to borrow a total of £216k, but on a salary of £30k that's 7.2 times your salary so unlikely.

Probably the most you can borrow is about 4.5x salary, which is £135k and that's assuming it's affordable (i.e no ongoing credit commitments).

If you need is £40k (not sure on this from previous posts, or how much daughter needs?) then one mortgage on one property would be fine.

In that case would I then be able to get remortgage on my second property for 80k and use my 30k saving and go for another joint mortgage with my daughter. She only earns 15k. I will also get earning from my 1st property

getmore4less

How much will the 3rd house be

How much are the works going to be.

BIGBLOOMERS

3rd house 220k. Works to complete 80k
I have saving of 30k, credit card is on 0% that's 3.5k