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2nd mortgage affordability with a consent order in place.
Brett141087
Posts: 1 Newbie
Hi all.
After some advice please.
So finding my feet after divorce and looking to purchase a new property. I am still on the old house due to having children but have a consent order which indemnifies me against any of the payments and up keep of the house and I have 35% of the equity coming my way later in life
I have a deposit and have been given a decision in principle based on it being a second mortgage.
My question is, will they take the old mortgage into account or does it change because the consent order is in place? I want to know if I can borrow more and according to the calculation, if they do not take the first mortgage into account, then I can borrow a lot more.
But this is where I get confused, at what stage do I tell the lenders that I have a consent order and ask whether the old mortgage counts against the decision in principle with the consent order in place?
Any help appreciated.
After some advice please.
So finding my feet after divorce and looking to purchase a new property. I am still on the old house due to having children but have a consent order which indemnifies me against any of the payments and up keep of the house and I have 35% of the equity coming my way later in life
I have a deposit and have been given a decision in principle based on it being a second mortgage.
My question is, will they take the old mortgage into account or does it change because the consent order is in place? I want to know if I can borrow more and according to the calculation, if they do not take the first mortgage into account, then I can borrow a lot more.
But this is where I get confused, at what stage do I tell the lenders that I have a consent order and ask whether the old mortgage counts against the decision in principle with the consent order in place?
Any help appreciated.
0
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