Two mortgages - help!

jbanks

Hi

I split from my partner a few years ago but she and the children continue to live in the house with the mortgage in both our names. She couldn't afford it on her own salary and I don't want to uproot the kids so they are there for the long haul.
I now find myself in a new relationship and wonder how easy would it be to get another joint mortgage on a property? Would I be penalised for already having one? Would the whole.mortgage market be open to us LTV permitting obviously.  Between us I think we could afford another mortgage or would the lower rates in the market not be open to us because of my existing mortgage?
Any advice would be gratefully received. 
J

Emmia

You'll be paying the higher rate of stamp duty for starters (it will be your second property) and the bank will take the other mortgage into account along with your other commitments / deposit etc., when assessing the affordability. 

Carl2510

Fair play to you sticking by your kids and letting them stay in a home even though you have split, if your on a decent wage and can afford another house with your new partner then you can get one, as above you will be paying extra stamp duty as it’s a second home. Other options are get your ex to buy you out which from your post doesn’t seem possible as she isn’t on a big income. Or sell the property to avoid the stamp duty.

K_S

jbanks said:

Hi

I split from my partner a few years ago but she and the children continue to live in the house with the mortgage in both our names. She couldn't afford it on her own salary and I don't want to uproot the kids so they are there for the long haul.
I now find myself in a new relationship and wonder how easy would it be to get another joint mortgage on a property? Would I be penalised for already having one? Would the whole.mortgage market be open to us LTV permitting obviously.  Between us I think we could afford another mortgage or would the lower rates in the market not be open to us because of my existing mortgage?
Any advice would be gratefully received. 
J

@jbanks The background residential property may have an impact on your affordablity. It will depend on your income and outgoings related to the old house, primarily the mortgage. 

As long as you have a 15%+ deposit, you should have options maxing out at the affordablity calculations (as per the lender's calculations, not your estimation).

For mainstream- lenders, there aren't any separate set of rates for second homes. For example if you're eligible for an 80% LTV mortgage from Halifax, you'll get the same rate as an FTB applying for the same product.

Sofee3

Nationwide have a good calculator for this, it asks if you have another mortgage at end of calculator and you can then see how much they would lend you in this scenario, good to check that and see what it says. But yes also check the stamp duty calculator for costs of buying a 2nd property. 

Thrugelmir

Do you financially support your ex?