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Can I get a 2nd Mortgage?
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Columbian_Buck
Posts: 3 Newbie
Hi all, basically I have a mortgage with my ex-partner for a house that she still lives in with our 2 children. I now live at my parents house.
As agreed with my partner, I haven't paid anything towards the mortgage for the past 18 months even though my name is still on there. This is so that I can eventually save up enough money for a mortgage on my own.
The problem is that she can't get the current mortgage put in her name only as she doesn't earn enough and too much of her income is based on benefits. She does however currently pay all of the mortgage on her own.
She is unwilling to sell at the moment and as the kids are under 18 I am unable to force her to sell.
Would I be able to stay on the mortgage with my ex but also have a second mortgage on my own for a new house?
All help here is appreciated.
Thanks
As agreed with my partner, I haven't paid anything towards the mortgage for the past 18 months even though my name is still on there. This is so that I can eventually save up enough money for a mortgage on my own.
The problem is that she can't get the current mortgage put in her name only as she doesn't earn enough and too much of her income is based on benefits. She does however currently pay all of the mortgage on her own.
She is unwilling to sell at the moment and as the kids are under 18 I am unable to force her to sell.
Would I be able to stay on the mortgage with my ex but also have a second mortgage on my own for a new house?
All help here is appreciated.
Thanks
0
Comments
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Only if you can demonstrate affordability for both mortgages.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Hi amnblog,
Is that the case even though I don't pay anything towards the mortgage I'm on with my ex?0 -
You are your ex are jointly and severally liable for the current mortgage debt.
In other words, if she does not pay the lender can come to you for the lot.
Therefore it does not matter who is paying. A new lender will consider the whole of the existing debt as yours.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
OK, thanks.0
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