Mortgage situation - taking out a second?

dl8860

I bought my current house for 335k in October 2018. The mortgage is solely in my name because my wife is freelance and had only been working as that for about 18 months at the time, so we couldn't borrow against her earnings as apparently the minimum is 3 years. Thankfully I'd started a contract job with a decent day rate at the time and my mortgage broker convinced the lender to lend against that day rate for something like 260 days a year. I know this sounds a bit mad, but I knew the company I was working for wanted me as perm, and in terms of affordability, I was confident with my wife's earnings included. We took out a 284k mortgage, to get under 85% LTV. I took a 5 year fixed term at 2.3%, thinking there could be plenty of turbulence ahead. There has been, though clearly this wasn't the right choice in hindsight! Nevermind.

We now need to upsize, and are looking at properties a fair bit more expensive. There is 261k left on the mortgage, which will be ported, and hopefully we will get something like 350k from current property. We are expecting some cash from generous parents, but I'm wondering whether we can simultaneously port the mortgage in my name, and my wife take out another one at the same time (as well as any help in form of lump sum from parents)? I understand there will be separate affordability checks etc., but in theory is this doable?

I'm asking because a) Don't know exactly how much we will get from parents and b) it would be nice to be flexible to be able to stretch our budget if we need.

Alternatively, we can't increase my current mortgage size by 'adding' my wife to it as we're still in the 5 year term, right?

dl8860

Am I allowed to bump this thread?

davidmcn

dl8860 said:

Alternatively, we can't increase my current mortgage size by 'adding' my wife to it as we're still in the 5 year term, right?

I don't see why not. You certainly can't get separate mortgages.