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Single to joint mortgage & buying a second home
anna_raven
Posts: 6 Forumite
I own my own property (with a mortgage) on my own. I have since got engaged and my partner and I would like to buy a larger property together.
If we choose to not sell the first house and go into a joint mortgage together will this count as a second property and require a 25% deposit? It may be our only chance to own a second property.
If we choose to not sell the first house and go into a joint mortgage together will this count as a second property and require a 25% deposit? It may be our only chance to own a second property.
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no it won't, you will be assessed for mortgage purposes on whether you can "afford" to support 2 simultaneous mortgages. The 25% deposit relates to the purchase of a BTL property, not a residential propertyanna_raven wrote: »I own my own property (with a mortgage) on my own. I have since got engaged and my partner and I would like to buy a larger property together.
If we choose to not sell the first house and go into a joint mortgage together will this count as a second property and require a 25% deposit? It may be our only chance to own a second property.
the lender on your original property may however require you to convert that mortgage to a BTL one (with 25% equity standard requirement) or to obtain from them "consent to let" at their discretion if you do intend to let it
if you do not intend to let it then you will simply be assessed on whether your income can support 2 x "ordinary" mortgages
You will however be liable for higher rate SDLT: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property0
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