Mortgage Dilemma..Advice needed

suraj4utd

Hi

Basically I have 2 mortgages currently.

Mortgage A is a Buy to let mortgage.
Mortgage B is Joint Tenancy mortgage with my sister. My sister is living in this property.

I have been living with my parents. However, up until recently I had to move out due to personal circumstances.

I'm currently renting and looking to buy my own place in the next 6 months.

My query is when I buy my own house, would that be treated as a second home (for stamp duty tax purposes with changes due from next month) even though I have never lived in the house that I have bought jointly with my sister.

In addition, Would the mortgage lenders take mortgage B into account when deciding how much they would lend me?

Finally, How easy it is for me to take my name off from mortgage B even though I know my sister might not be able to re-mortgage the property on her name only.

Please help.

amnblog

Yes it would be a second home.

Yes, both mortgage A and mortgage B would need to be considered with mortgage B being a particular problem.

You cannot get off of mortgage B unless someone is there that can afford to take it from you.

suraj4utd

Thanks for your reply.

Could you please also advise what options do I have in regards to Mortgage B? Do I have any legal rights to get my name off Mortgage B?

Many Thanks for your help.

saverbuyer

suraj4utd wrote: »

Thanks for your reply.

Could you please also advise what options do I have in regards to Mortgage B? Do I have any legal rights to get my name off Mortgage B?

Many Thanks for your help.

Legal rights? No.

suraj4utd

saverbuyer wrote: »

Legal rights? No.

Ok What options are available?

saverbuyer

suraj4utd wrote: »

Ok What options are available?

If your sister can't meet affordability requirements to take mortgage B on her own?


Sell house B.

getmore4less

if you want to avoid trhe stamp dury you need to sell one potentialy both.

Only options for affordability will be sell your interest in one or both properties.