Mortgage Query.

[Wolfie24]

Hi Guys

Long time lurker, first time poster.

Need some advice really, might be really simple. Currently live with my partner in my house in which the mortgage is in my sole name. I have around just over 25% equity in the property.

We intend to buy a larger house together in a nicer area. Her half will be paid for from her savings in full, my half from the eventual sale of my current house plus a mortgage, probable LTV around £40%.

Problem arises from the fact we may need to act quickly on this new house, in fact quicker than I can probably sell my current home. Can I have two mortgages etc or have I missed a more obvious solution?

Using her funds for anything other than on the new property are a no-no so exclude that and we are aware of deeds of trust etc on the unequal share contributed. Purely in financial circumstances.

Thanks in advance. John.

[Wolfie24]

Hi Sarnie

Yes we will both be living in the property and on the mortgage as joint owners etc with a deed of trust in place specifying the deposit ratio's in case the worst happens etc.

Will main high street lenders allow two mortgages...I'm currently with the Britannia?

Thanks. John.

[Wolfie24]

Yes, myself being on the new mortgage whilst still being on the present one until I sell.

High street lenders or specialised?

John

[Wolfie24]

Thanks Sarnie

As a rough guide, current mortgage is approx £95k on property value of £130 and new mortgage will £130k on property value of £265k. Both salaries circa £40k. No other loans or credit cards etc.

Possible? or easier just to sell before looking and forget this property we have our eye on?

Many Thanks. John