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Joint Mortgage - second home for one
ChrisT88
Posts: 3 Newbie
Hi there
Quick question (hopefully)....
I am looking to buy a joint property with my partner as this will allow us a much higher mortgage. I already own a property which I lived in and now my parents live in. I can easily afford the mortgage payments on both which the bank should know etc when we give them all the details.
For my partner this will be a first mortgage.
My question is, will we realistically need a much higher deposit as the whole mortgage will be treated as a second home mortgage or will account be taken than its a first mortgage for my partner and my first mortgage is very small and easily affordable.
If the former, is there any way to get a second mortgage without a huge deposit or instead have my income being taken into account without me included on the title and mortgage?
Many thanks in advance!
Quick question (hopefully)....
I am looking to buy a joint property with my partner as this will allow us a much higher mortgage. I already own a property which I lived in and now my parents live in. I can easily afford the mortgage payments on both which the bank should know etc when we give them all the details.
For my partner this will be a first mortgage.
My question is, will we realistically need a much higher deposit as the whole mortgage will be treated as a second home mortgage or will account be taken than its a first mortgage for my partner and my first mortgage is very small and easily affordable.
If the former, is there any way to get a second mortgage without a huge deposit or instead have my income being taken into account without me included on the title and mortgage?
Many thanks in advance!
0
Comments
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Haha you are right! On my income, outgoings, current mortgage payments etc and ability to meet those debts (and consistently previously doing so) and the likely new mortgage repayment (we have estimated with some considerable caution) within that income with some fat.
Really I'm looking for a general view on the joint mortgage/second mortgage situation and the other stuff is a bit of context!
Thanks0 -
I take it you are aware of the extra 3% SDLT ?0
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Hi, yeah aware of the SDLT which isn't ideal but already budgeted that in.
Thanks0 -
Might be worth contacting a broker and running your financial position past them to determine how much you can borrow.
Do your parents have a financial interest in your property?
Do your parents pay you a rent? Is there a tenancy agreement in place?
Have you factored in the complexieties of switching your current mortgage to a BTL?0
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