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Mortgage

  • 27-01-2010 11:08am
    #1
    aggie25
    Closed Accounts Posts: 7 ✭


    Hi,
    I was wondering if anyone found themselves in a similar situation

    I currently own a house with a friend 50/50 I have moved out and have been renting my half out. working out ok rent covers the mortgage and I contribute nothing towards it.

    I now have a good savings and a good job I'm thinking of buying somewhere in the future what kind of mortgages would be available to me and what % mortgage would they give.

    Thanks for all your help in advance :)


Comments

  • #2
    Priapus
    Closed Accounts Posts: 114 ✭✭Priapus


    aggie25 wrote: »
    Hi,

    I currently own a house with a friend 50/50 I have moved out and have been renting my half out. working out ok rent covers the mortgage and I contribute nothing towards it.

    I now have a good savings and a good job I'm thinking of buying somewhere in the future what kind of mortgages would be available to me and what % mortgage would they give.

    Thanks for all your help in advance :)

    It's a bit of case of long is a piece of string. The house you own with your mate, the bank would consider that to be a BTL (Buy-To-Let) at this stage if you went to get another loan.

    Whether you mean you want to buy another house as your primary private dwellings or as another investment will result in different outcomes I would think.

    If you want another house as a place to live you would more than likely not be able to use the first house as collateral as it's now a BTL.

    On the other hand if you want to buy another investment property....well to be honest I don't fancy your chances for a number of reasons (No private dwellings, state of BTL market / lending restrictions, co-owner lives there so not a pure BTL etc). I could be wrong.

    If you have good savings, steady employment, good track record no reason you can't get a good mortgage in the right price range.

    Sorry can only speak in general terms, giving the general info given.


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