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    • Lonerider
    • By Lonerider 13th Mar 18, 10:26 AM
    • 3Posts
    • 0Thanks
    Lonerider
    Securing a 2nd mortgage HELP
    • #1
    • 13th Mar 18, 10:26 AM
    Securing a 2nd mortgage HELP 13th Mar 18 at 10:26 AM
    Hi everyone, I'm look for advice if anyone has ever heard of a similar situation.
    I currently have a very small mortgage left on my own house (less then 20k). My Partner and I need to secure a mortgage on his home to remove his ex wifes name which has been agreed by a court order. He is due some inheritance through the sale of a property but as you know sometimes house can take a while to sell and we need to try and have her name removed by June.


    I'm just wondering if it is possible to have a 2nd mortgage which isn't not a BTL? I think from what I have read his house would be classed as the 2nd mortgage for me and more stricter affordability check completed. I had also thought I might be able to take out a personal load to pay my mortgage off but then this might impact my credit score for the mortgage.


    Has anyone been through this type of situation (not the ex wife part lol) just trying to secure a 2nd mortgage when you already have one.
    thanks in advance
Page 1
    • G_M
    • By G_M 13th Mar 18, 11:46 AM
    • 44,484 Posts
    • 52,824 Thanks
    G_M
    • #2
    • 13th Mar 18, 11:46 AM
    • #2
    • 13th Mar 18, 11:46 AM
    Hi everyone, I'm look for advice if anyone has ever heard of a similar situation.
    I currently have a very small mortgage left on my own house (less then 20k).
    Originally posted by Lonerider
    Why not increase tthe mortgage on your own house? Ask you current lender, or take out a new mortgage and pay off the existing one.

    Use the money to pay off the ex.
    • Beardmidget
    • By Beardmidget 13th Mar 18, 12:14 PM
    • 151 Posts
    • 110 Thanks
    Beardmidget
    • #3
    • 13th Mar 18, 12:14 PM
    • #3
    • 13th Mar 18, 12:14 PM
    Obviously I don’t know what your ins and outs are, but my immediate response to your question was ‘wouldn’t it be cheaper and easier to remortgage his house in joint names and to actually pay off your small mortgage and his ex wife?’

    I know 20k is a lot of money in principle, but it’s small change to a mortgage broker, particularly if you have decent equity levels.
    • Lonerider
    • By Lonerider 13th Mar 18, 4:41 PM
    • 3 Posts
    • 0 Thanks
    Lonerider
    • #4
    • 13th Mar 18, 4:41 PM
    • #4
    • 13th Mar 18, 4:41 PM
    Hi, the ex is already paid off its just part of the final agreement to try and remove her name from the mortgage asap.
    • Lonerider
    • By Lonerider 13th Mar 18, 4:47 PM
    • 3 Posts
    • 0 Thanks
    Lonerider
    • #5
    • 13th Mar 18, 4:47 PM
    • #5
    • 13th Mar 18, 4:47 PM
    Hi, thanks for the suggestion. The ex is not an issue apart from having to show he is trying to remove her name by securing a mortgage on his own, this was part of the court settlement.


    Obviously two salary's are better then one though when applying for a mortgage so we were just wondering what other options were out there. I had thought about paying mine off completely but as it is so small I'm not paying a huge amount of interest so would be best off bringing his larger mortgage down as much as possible. I have since found out that I can apply for a 2nd mortgage as long as I obtain consent to let for my house, then I can apply for a 2nd residential mortgage and it would just be a case of proving we can pay both mortgage repayments.
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