2 mortgages residential

col81

I am applying for 2 mortgages with lenders. first house value £150K borrowing £119k (79% LTV) second house £135k borrowing £114k LTV 85% with 999 credit score no other credit and earning £42500 will this lilkely be approved 

user1977

What sort of mortgage product(s), and are the lenders aware you're making a simultaneous application for another mortgage? For "normal" mortgages, lenders expect you to be using the property as your main home. Which is trickier if there's two of them.

[Deleted User]

Depends massively on the 2 lenders you are using and what you have told them you are doing with the property.   

Just on the face of it you are trying to get borrowing of nearly £250k with an income of £42500.   this is a near 6x income multiple.  

So if you go to a lender that needs the income to support both mortgage balances then you are going to get declined. 

If you are going to a lender who will just take the other payment as a monthly commitment then it might fit.   

If you are doing 2 residential mortgages I assume you have declared the council tax and utility bills for the 'other' property when doing the application for each mortgage?   So under 'other expenditure' you would probably have £200-£300 of commited expenditure on each application


In short, not enough info to indicate if its accepted or not. Too many variables

MaryNB

col81 said:

I am applying for 2 mortgages with lenders. first house value £150K borrowing £119k (79% LTV) second house £135k borrowing £114k LTV 85% with 999 credit score no other credit and earning £42500 will this lilkely be approved 

Credit score isn't important, your lender won't see it. They look at the data on any of your files (experian/equifax/transunion) and do their own assessment. What's your credit history like on all three reports? While low debt is good, no other credit account at all isn't really a positive thing, they often like to see you can use credit responsibly. If you have a very thin credit file (very little history of credit usage) it may stand against you.  ETA: I've seen some of your other threads, obviously with previous mortgages what I've written is irrelevant (comment on credit score still stands). However on glancing at some of your other threads, you definitely should speak to a broker. Especially if that first house is the same one your let to family.