Second mortgage

Rusty79

Hi. I need help. I'm separated for 2 years and I have joined mortgage with my ex. I moved out and renting at the moment but I want mortgage on my own. I dont think bank will remortgage house even she pay on time and never missed payment. But she have another loans what she can't clear up if bank ask her to do so. That means I can take of my name from current mortgage. I am thinking about second mortgage. What I want to ask is if I should speak first with lender on first mortgage or contact independent advisor? What chances I've got to get second mortgage and how much deposit I will need to put down let say for £200 000 property? Thank you for your advice.

foxy-stoat

You probably need 5-10 % - speak to a whole of market broker.

Do you have enough income to finance 2 mortgages?

Rusty79

My ex pay for first mortgage on her own. I currently renting house.

foxy-stoat

Rusty79 wrote: »

My ex pay for first mortgage on her own. I currently renting house.

Thats great - you will still need to pass the lender's affordability for both mortgages.

Rusty79

I think I still can manage to pay both mortgages if necessary. At least on paper.

Neutrinno

Rusty79 wrote: »

I think I still can manage to pay both mortgages if necessary. At least on paper.

Yes that's irrelevant though unfortunately, as any lender will assess your affordability based on paying out two mortgages. Please also bear in mind you will be liable for a 3% surcharge on stamp duty for purchasing a second home.