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I'm named on a mortgage with my partner. Can I raise another mortgage in just my name?
nictu
Posts: 15
Forumite
Hi,
Apologies if the title is confusing.
I don't think this is possible but.....
I currently have a mortgage shared with my partner. Would I be able to raise another mortgage, solely in my name, using collateral from my present shared mortgage?
Many Thanks,
Nick.
Apologies if the title is confusing.
I don't think this is possible but.....
I currently have a mortgage shared with my partner. Would I be able to raise another mortgage, solely in my name, using collateral from my present shared mortgage?
Many Thanks,
Nick.
0
Comments
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To use the collateral, more often termed as equity, you would need to increase the mortgage to cover the amount you want to release. This would then be the deposit for the new place.
That issue aside, there is no reason why you can't apply for another mortgage, you would need to declare that you have a liability for the existing mortgage. The lender would want to be satisfied that you can afford both repayments.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
It doesn't sound like the purchase is going to be solely in your name, if your partner is contributing funds (via the equity from your jointly-owned property)?nictu said:
I currently have a mortgage shared with my partner. Would I be able to raise another mortgage, solely in my name, using collateral from my present shared mortgage?1 -
Thank you Silvercar.0
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Thank you, that's what I thought too.user1977 said:
It doesn't sound like the purchase is going to be solely in your name, if your partner is contributing funds (via the equity from your jointly-owned property)?nictu said:
I currently have a mortgage shared with my partner. Would I be able to raise another mortgage, solely in my name, using collateral from my present shared mortgage?
0
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