Mortgage and Home with Ex, But Can I Get New Mortgage And Move On?

MuddledUp1

In trying to do the right thing for my children many years ago I have put myself in a tough position for ever owning a home in my retirement.


I earn a good wage and have a mortgage with around £90k remaining on a home worth around £300k. I've extended the mortgage as long as possible to get the monthly payments down as low as possible for the Ex to continue to afford. The agreement being that we sell up once the youngest is 20. We are about 8 years down with 8 more to go.


As time has passed, I've moved on with my life and as you get older you think about retirement and the hope that one day you'll actually own a home. However I need to get back on the property ladder to make this a reality for myself, my partner and our young children.


Given that I already have a mortgage, for at least another 8 years, on a home that I have agreed not to touch, is it remotely possible to even get another mortgage of any real value that would cover the value of a reasonably priced home (say £200k) on wages that are around the £50-60k mark ?


Savings are not great, so LTV would need to be a high %age.


Thanks for any help or advice.

kingstreet

You can buy another property.

How much you can borrow will depend on overall affordability and how the new lender treats the existing mortgage.

An independent broker would establish the best lender options for this.

erin110

Just bare in mind that as you will own more than one property you will be required to pay additional stamp duty. Definitely worth speaking to a broker to confirm affordability though, as suggested above.