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Just got one mortgage, odds on another?
vetstudent
Posts: 145 Forumite
I have a house which I bought with my OH 4 weeks ago with a 65% LTV, and am wondering if it would be possible to get another mortgage for a family member's home (to prevent her ex making her leave). It would then be a buy to let, but we wouldnt have much of a deposit, possibly 15-20% gifted. We would be able to afford repayments on both mortgages on our wages, do you think there is any chance we'd get a mortgage? Thanks!
Mortgage start date 19 January 2018, end Jan 2043.
Owed £38,000/£38,000
Owed £38,000/£38,000
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Comments
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20% deposit, possibly - although if the gift is from the person living there it might be a problem.
You will also be liable for higher rate stamp duty.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 -
How about 'joint borrower, sole proprietor', what's replaced the guarantor mortgage?
You'll be on the mortgage, the family member will own the property alone and you'll avoid the SDLT surcharge?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you, will look into that
Mortgage start date 19 January 2018, end Jan 2043.
Owed £38,000/£38,0000
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