Can I buy another property while staying on my first mortgage?

Posted on 7 February 2013 by Brett

Can I buy another property while staying on my first mortgage?

Hi there. Myself and a friend currently have a 90% LTV mortgage on a flat in scotland. I have moved back to the shetland islands but still pay my half of the flat as I treat it as an investment and my friend would not have the deposit on his own. My question is can I buy myself another property to live in with a deposit that is less than 25% as I cant afford that at present?


The short answer is 'yes', however the devil will be in the detail. Much of what you will be able to do is going to be down to:-

  • Loan To Value
  • Your Income
  • The balance of the other mortgage
  • Your other commitments / outgoings
  • Your overall credit history
  • Could your friend afford the mortgage on his own?

Generally speaking as long as you can meet the lenders overall affordability criteria, then this should be something that you can do. Without knowing more information about your personal situation though, I can't really say anymore.

If you'd like to talk your enquiry through with one of our consultants, then please let me know and I'll arrange a convenient time for one of them to contact you.



More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.