There is no real issue with how many mortgages you can hold however there will be big issues depending on the TYPE of mortgages that you hold.

You can only legally hold 1 (one) residential mortgage as this is a mortgage designed to be on your main residence and as you can only have one main residence you will not be permitted to hold more than one residential mortgage.

If your other property is indeed a pied a terre / second residence / holiday home then if this is disclosed to the lender then they should allow you to take a new main residential mortgage on another property as long as the new main prperty is not within a certain distance of the pied a terre....normally 75 miles.

If you still run into problems then you can look down the route of consent to lease or buy to let.You do not have to lease the propert but it may just free up affordability and more inportantly remove the pied a trre from being counted as your main residence. If you are currently tied till 2013 then it would be wiser to look towards the consent to lease than a newbuy to let product.

As Maxsteam has suggested you should look to speak to a few mortgge brokers to get specific advice about how to move forward and who to move forward with.

Good Luck

There shouldn't be a problem. It sounds like you have one mortgage already and would like another. The total of both mortgages will need to be within the lenders earnings multiple and, in my view, you should be asking for a mortgage on your new main residence. It would be worth having a chat with an independent mortgage adviser or two,

Hi can anyone with greater mortgage experience help with this. I've had no help from HSBC and was turned down for a remortgage on my main home as it will in reality become a second home and they only lend on a main home. Affordability and credit not a problem.
Before I approach another lender I want to get the terminology right....
I want to buy a family home with my new husband we have seen a property we like and would like to offer. Can someone tell me the best way to approach this.
Main Home 400k value no mortgage rural location I want to keep this as second home.
Pied a terre 150k value 106k mortgage tracker term ends June 2013
Potential new family home 635k 250k deposit 385k to find

Whats the best way of doing this? Consent to buy or buy to let on Pied a terre? Can you have three mortgages?