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New joint mortgage but I already have own home...
myla_2
Posts: 3 Newbie
I currently own a home (mortgaged) which I bought before I got married. My husband also has a buy-to-let property. We have now married and want to buy our family home with a joint mortgage. I will be renting out my property and will eventually sell it.
We have had an offer accepted and are due to re-meet with the mortgage broker to finalise the mortgage.
Can anyone advise if they have been in this situation? We know and have budgeted for the extra stamp duty charge
but is there anything else we need to prepare or be aware of?
What are the implications of me having a second mortgage and another property in my name? Will my bank be notified automatically that I am purchasing another?
Anything else I need to do and need to be made aware of?
many thanks
We have had an offer accepted and are due to re-meet with the mortgage broker to finalise the mortgage.
Can anyone advise if they have been in this situation? We know and have budgeted for the extra stamp duty charge
but is there anything else we need to prepare or be aware of?What are the implications of me having a second mortgage and another property in my name? Will my bank be notified automatically that I am purchasing another?
Anything else I need to do and need to be made aware of?
many thanks
0
Comments
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You need to declare the outgoings to the new mortgage lender for the new home, it will be calucated into your affordability.0
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You need consent to let from your existing mortgage lender before you rent your house out.0
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have you arranged a BTL mortgage for your current property?0
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Yes, I will be asking for CTL once we have a date for completion on our joint home. Then look to sell it in 12-18 months.0
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waht will you do if CTL is refused?0
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If CTL is refused (I'd like to think it won't LTV is ~50% ) then I guess I'll have to switch to BTL or think about selling it sooner than originally planned :undecided0
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