Getting another mortgage
Posted on 6 December 2018 by Simon Finney
I have a mortgage with my ex partner, she lives in the house and pays all of the monthly mortgage payments but does not earn enough for the bank to let her take it on her own. Can I take another mortgage out for buying a shared ownership property or will the first mortgage impact upon my chances of this? If it is possible who would be the best provider to go with?
Will the mortgage I already have affect me getting another?
When assessing a new application all lenders will look at your overall financial position, and so yes the mortgage you have with your ex partner will be taken into consideration, and will affect the amount they are prepared to lend.
Can I still get another mortgage?
With regard to getting a new mortgage, before knowing who would be the best provider, we would need to know a lot more about your personal situation. Lenders have a wide variety of ways they look at affordability, and some will take the first mortgage as a monthly commitment, and others will take the amount away from your total borrowing potential. So it's not a straight forward answer.
As an independent, whole of market broker, we can look at what you are trying to acheive and how best to do it.
If you would like to discuss your mortgage options in more detail, then please call us on 0344 346 3672 or submit an enquiry and we'll arrange for one of our consultants to speak with you.
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.