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Buying 2nd Home but on another mortgage

Last post Tue, Aug 18 2009, 4:52 PM by bmunky. 2 replies.
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  •  Tue, Aug 18 2009, 4:52 PM

    Re: Buying 2nd Home but on another mortgage

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    I was in a similar position and spoke to my mortgage adviser yesterday who said that having mortgages "in the background" i.e. having another mortgage on another property can put some lenders off. You should still get a mortgage but maybe just not so competitive a rate, especially with only 10% deposit.
    • Post Points: 5

  •  Mon, Aug 17 2009, 4:18 AM

    Re: Buying 2nd Home but on another mortgage

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    The main factor will be your income. It's fine to have more than one mortgage, but you will have to prove that you can afford the repayments.

    You might need a bigger deposit though.
    • Post Points: 20

  •  Sun, Aug 16 2009, 4:55 PM

    Buying 2nd Home but on another mortgage

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    hi,basically im after buying a house with my girlfriend but am currently on a joint mortgage with a friend on another house i have 10% deposit for the house with my girlfriend how much of a problem will i have getting another joint mortgage with the girlfriend? she is a first time buyer and has good credit rating and i also have good credit rating.

    Thanks James
    • Post Points: 20