Can we buy a house to live in, before the property that we are named on, that my mother-in-law lives in is sold?
Posted on 1 October 2013 by Becki
Hello, I have a very complicated situation where by myself and my husband technically own (mortgaged) the house that my mother in law lives in whilst we live elsewhere in a private rented house. We had to set up the mortgage in our names which is a long story but the question is, we would really like to buy a house for us (me and husband) to live in but would need a mortgage to do that. Can we have a second mortgage on a second property? If so, from who and would it take the amount we "technically" owe on our mother in laws house into the LTV? The house is on the market to be sold so the mortgage we currently have will eventually be paid off so is it better to wait until all that is dealt with first or is there a way for us to have a second mortgage and buy a house of our own now? Thanks so much.
I would agree that your situation does sound a little complex, but not insurmountable, and I think that there may be a way we can help.
However, without knowing any of the actual figures involved, I can't really say anything definite. I'd like the opportunity to get one of our consultants to speak to you in more detail, so that we can get a far better idea of how we can make this work for you. If you'd like to do so, then please let me know and I'll arrange a suitable 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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.