Mortgage situation following separation

Alik1981

Hello,

Apologies if a similar question has been asked/answered previously.

My girlfriend and I bought our current property in Reading as first time buyers about 5 years ago. At the time we took out a joint mortgage and with increases in house prices etc the LTV on the house is now about 50%.

Unfortunately we have now decided to go our separate ways. While neither of us want to live in the property we both feel that it's a good investment and would like to continue to own it jointly and let it out.

At the same time I obviously need a place to live. I have a reasonable deposit saved up and a decent income so think it's within my means to take out another mortgage and buy a flat.

Does anyone have any advice or experience of doing this? I'm interested to know what my options are. Are the circumstances going to make it tricky to get another mortgage and should I consider selling my current property instead? I phoned up London & Country the other day to see if they could offer advice and tell me of current mortgage offers but they said they only deal with first time buyers or remortgages - neither of which seem to apply here.

Thanks in advance for your help.

Al

Senior_Paper_Monitor

This is a fairly common situation (and one we see most weeks in one form or another).

The only slightly difficult bit (unless you bring any issues to the party like bad credit) is ensuring that the lenders for the new mortgage are happy that the old mortgage is becoming a BTL (or permission to let) - just a case of juggling the dates and paperwork.

A good independent broker should handle this without too much problem.

Alik1981

Thanks Senior Paper Monitor - much appreciated.

Al