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2nd property advice

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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

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
  • sabsabsab44
    sabsabsab44 Posts: 3 Newbie
    edited 7 April 2019 at 6:19PM
    Deposit is c.100k
    Can I just get a "normal" mortgage even if have "normal" one (or 1/2 of one) on current property?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can have as many mortgages as you can afford and someone will let you have.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • ok cool - Thanks!
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