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2nd property advice
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sabsabsab44
Posts: 3 Newbie
Hi all
Looking for some advice
I am a co-owner of a flat which we bought for 320k over 10 years ago and is worth now c.580-600k
We'd like to keep it, but i'd like to buy something else myself
What kinda mortgage do i get if technically i'm going to have 1.5 mortgages? (But i plan to live in the new place)?
Mortgage left on current place is c.120k (so half is on me)
Planned spend on new place is c.600k
Any issues / watch outs i need to be aware of? And any advice on who to go for mortgage advice would also be great as L&C looking too "simple" for this kinda request (but maybe i'm wrong)
THANKS
Looking for some advice
I am a co-owner of a flat which we bought for 320k over 10 years ago and is worth now c.580-600k
We'd like to keep it, but i'd like to buy something else myself
What kinda mortgage do i get if technically i'm going to have 1.5 mortgages? (But i plan to live in the new place)?
Mortgage left on current place is c.120k (so half is on me)
Planned spend on new place is c.600k
Any issues / watch outs i need to be aware of? And any advice on who to go for mortgage advice would also be great as L&C looking too "simple" for this kinda request (but maybe i'm wrong)
THANKS
0
Comments
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How big is your deposit?
How much do you earn
Calculate the SDLT on £600k don't forget to add the £18k second properly tax.0 -
Deposit is c.100k
Can I just get a "normal" mortgage even if have "normal" one (or 1/2 of one) on current property?0 -
You can have as many mortgages as you can afford and someone will let you have.0
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sabsabsab44 wrote: »What kinda mortgage do i get if technically i'm going to have 1.5 mortgages? (But i plan to live in the new place)?
You have two mortgages as far a lender is concerned. The manner in which ownership is divided has no bearing. The liability for the mortgage debt being joint and several.0 -
ok cool - Thanks!0
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