Joint house

owainlfc

I'm in a long distance relationship (Liverpool and leeds) the other half is currently looking at jobs in Liverpool and when she gets one she will move and we will look to get a house between us.

We both own our own houses, Iv had mine for a year on a 30 year mortgage I'm looking to over pay over the next year to get some equity into the house. She has had her house a few years longer and was able to put a decent amount down as a deposit so has equity in hers.

We have a decent amount to put down as a deposit on our joint house so just want to know what the possibility/chances of keeping the two houses we have in our own name and then getting a mortgage for a joint home for the two of us?

cahillg81

Assuming you have enough equity you can convert to buy to lets or get consent to let from your existing mortgage providers. Any additional purchase would be subject to the additional stamp duty land tax subcharge.

if you get consent to let then so long as the rental income you can achieve is enough to pay the mortgage and depending on the new lender they will have a stress test level if it's above that they existig mortgages won't be deemed as committments.

Thrugelmir

owainlfc wrote: »

We have a decent amount to put down as a deposit on our joint house so just want to know what the possibility/chances of keeping the two houses we have in our own name and then getting a mortgage for a joint home for the two of us?

Anything is possible. However do the numbers stack up is the fundamental question that you need to answer yourselves. Before deciding whether the idea is worth pursuing. Looking at scenarios where one or both properties doesn't generate income for a period need to be considered as well. Letting property isn't like owning an ATM.