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Getting Second residential mortgage after divorce
Raffa75
Posts: 8 Forumite
Hi there, my brother is about to get divorced. His ex is going to stay in the house with his daughter. As well as paying that mortgage, he has to pay CSA. He has enough money, just to pay £700 a month rent. Can he get a second residential mortgage instead of renting? We don't have enoughof a deposit to get a BTL mortgage.
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If he can afford this mortgage, the existing mortgage, the CSA payments and have sufficient deposit to satisfy a lender, yes.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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So would he just need 10% deposit?0
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That depends entirely on lender.So would he just need 10% deposit?
Different lenders have different criteria for different scenarios. I can think of one which might do 5% deposit and another which will want at least 15%.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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