Second Property and Mortgage

Posted on 14 March 2011 by Shaun Ridgway


I currently have a joint mortgage with my mum on the property we both live in. Is there anyway that I could get another mortgage with my partner without selling my current house?

Shaun,

This is going to depend very much on your income. If it is sufficient to cover both mortgages then there is no reason why you shouldn't be able to get another mortgage. If however it isn't sufficient then it will depend on your partner's income and whether or not it is sufficient on it's own to cover the new mortgage.

If, as I suspect, you are going to need both your incomes for the new mortgage then this will be difficult without removing your name from the current mortgage. If your mother can afford the mortgage on her own then a transfer to her sole name would be sufficient, but if she can't then the only way would be to sell the property. I can understand that you wouldn't want to do this and effectively leave your mother homeless.

Peter

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