Posted on 6 December 2012 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?.
Thanks - Simon
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.
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 let me know and I'll arrange for one of our consultants to speak with you.
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