We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Splitting existing mortgage to buy two properties
DLaws2206
Posts: 4 Newbie
Hi, I'm currently going through a separation which is all very amicable. We have a property with a joint mortgage at a very good rate which is fixed for a other 7 years. Is it possible that we would be able to keep the mortgage but split it into two so we can each buy a property? I earn the majority of the money so would be paying both mortgages. Does anyone have any idea if possible? Thanks, David
0
Comments
-
No. The mortgage you have is on the property you currently have. If you need to sell the property to buy two, you will need to redeem the mortgage and get new ones.DLaws2206 said:Hi, I'm currently going through a separation which is all very amicable. We have a property with a joint mortgage at a very good rate which is fixed for a other 7 years. Is it possible that we would be able to keep the mortgage but split it into two so we can each buy a property? I earn the majority of the money so would be paying both mortgages. Does anyone have any idea if possible? Thanks, David
If you wanted to borrow more money against your current house to buy another you can get a further advance but it would be on a new rate.
You can't split your current mortgage.1 -
Ok thanks, I thought that might be the case. Really appreciate you taking the time to reply1
-
Speak to a broker.
We have no idea of your circumstances !
You just might be able to port the current mortgage to another property depending on income, LTV, equity in current property etc.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards