Mortgage broker advice? Joint mortgage app. where one app. has a mortgage already?

oceanscape

My partner and I would like to use the help to buy equity loan scheme to buy a £600k property in London. After the 40% loan this means a mortgage of £330k would be needed.

However, I already have a mortgage and own a property which my parents live in. They currently pay the mortgage but this is "unofficial" since it's not a BTL mortgage.

Since the help to buy scheme doesn't allow it to be used for a "second" home I assume I won't be eligible, but could my partner apply with me named on the mortgage to help get to the 4 x income threshold?

Here are our stats:

- Partner earns £40k per year; £5k unsecured debt and excellent credit rating.

- I earn £90k per year; £40k unsecured debt; £220k existing mortgage; £25k secured loan; apart from the v. high debt levels my credit rating is excellent (i.e. never missed a payment etc.).

Deposit would be 5%.

Thanks for any info.

amnblog

You cannot be on any Help to Buy application, with or without anyone else.

Unless you lose ownership of the current property at the same time.

Lungboy

Plus the equity loan is up to 20% isn't it? Not 40%?

amnblog

Lungboy wrote: »

Plus the equity loan is up to 20% isn't it? Not 40%?

Up to 40% London boroughs Lungboy.

A scheme presumably designed to take the heat out of the London property market!

Lungboy

amnblog wrote: »

Up to 40% London boroughs Lungboy.

A scheme presumably designed to take the heat out of the London property market!

Ah, no wonder I never came across that when I looked into HTB last year.

kingstreet

Because it was only launched on Monday?