We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How can I buy another property?
bluep
Posts: 1,302 Forumite
I was the mortgage "mainstay" when I bought a house with my ex (the bank offered me a higher mortgage on my salary alone than they were willing to offer us a a couple due to his age). We bought a house with 30% deposit - 20% my capital and 10% his. House cost 220k, bank were offering to lend me on my own 500k
I've moved out and he is thinking of moving in 6 months time so we would be able to sell the house. It's probably gone up in value by 30k in the last 2 years.
I've seen a house I'd like to buy for 160k now though. Current mortgage on the first house is 140k. Any way of buying a new place without waiting 6 months for ex to move and sell the first one? Especially as I could get a mortgage for one property worth the two of them put together!
Affordability isn't a problem - can easily demonstrate this. I can pay both mortgages and it wouldn't be a high proportion of my income (less than a third).
Any ideas apart from a madly expensive bridging loan?
I've moved out and he is thinking of moving in 6 months time so we would be able to sell the house. It's probably gone up in value by 30k in the last 2 years.
I've seen a house I'd like to buy for 160k now though. Current mortgage on the first house is 140k. Any way of buying a new place without waiting 6 months for ex to move and sell the first one? Especially as I could get a mortgage for one property worth the two of them put together!
Affordability isn't a problem - can easily demonstrate this. I can pay both mortgages and it wouldn't be a high proportion of my income (less than a third).
Any ideas apart from a madly expensive bridging loan?
0
Comments
-
You can have more than one mortgage.
Issue will be the cash for the deposit and costs(inc extra SDLT)0 -
How much is your income?
How old are you?
Do you have any loans or credit cards etc? If so what are the balances and repayments?I am a Mortgage AdviserYou 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.0 -
Thanks for the answers. I'm late 30s, some loans/credit cards but monthly payments are less than 10% of my monthly income. Current mortgage is about 20% of my income and I'm living rent free elsewhere at the moment so just have travel/living expenses. Hence why I don't think affordability is an issue. I should be able to get 10% deposit together and will have to find the SDLT cash from somewhere.
I spoke to my bank's mortgage advisor (who ironically did the last mortgage for us a while back) and they were very flexible actually - said that they wouldn't do it for buy to let but in the circumstances, thought they could manage an additional mortgage given I was looking to buy a quite low value property in relation to my income. Arranged an appointment for next week so will see how that proceeds.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards