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Author 2nd mortgages
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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5th Mar 06 at 20:02   View User's Profile U2U Member Reply With Quote



I'm interested in buying a property, but i have already got a mortgage (joint) on a flat.
Is it correct that most lenders will stick to the rule '1 mortgage per person'.... does a joint mortgage come into this?

any words of wisdom..... i'm off to google it, but would like to know of any real life situations.
Kerry
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Registered: 5th Oct 01
Location: Norwich
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5th Mar 06 at 20:03   View User's Profile U2U Member Reply With Quote

you can have as many mortgages as you like but your income will need to cover both

mortgages are my forte
Paul H
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Registered: 11th Aug 03
Location: Lincoln.
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5th Mar 06 at 20:29   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Kerry
you can have as many mortgages as you like but your income will need to cover both

mortgages are my forte
does that apply in scotland though
Tiger
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Registered: 12th Jun 01
Location: Nuneaton Drives:Audi A4 2.0TDi
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5th Mar 06 at 20:39   View User's Profile U2U Member Reply With Quote

I applied for a mortgage for the fun of it the other day. They will let me borrow 60,000 - Bloody good of them I must admit, but, like thats gonna buy me maybe a lean to?

Ben.

[Edited on 05-03-2006 by Tiger]

[Edited on 05-03-2006 by Tiger]
Kerry
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Registered: 5th Oct 01
Location: Norwich
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5th Mar 06 at 20:40   View User's Profile U2U Member Reply With Quote

lenders credit policys dont differ its just the process of purchasing a property thats different in scotland
Paul H
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Registered: 11th Aug 03
Location: Lincoln.
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5th Mar 06 at 20:41   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Kerry
lenders credit policys dont differ its just the process of purchasing a property thats different in scotland
Ian
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Registered: 28th Aug 99
Location: Liverpool
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5th Mar 06 at 20:42   View Garage View User's Profile U2U Member Reply With Quote

I looked at it for buying another flat to let. Needed 15% down to be sqaure on rental income though, so I shelved the idea. They were prepared to lend 85%.


Corsa B lap belts required
Kerry
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Registered: 5th Oct 01
Location: Norwich
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5th Mar 06 at 20:47   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
I looked at it for buying another flat to let. Needed 15% down to be sqaure on rental income though, so I shelved the idea. They were prepared to lend 85%.


buy to let mortgages differ to residential mortgages
most lenders only go to 80/85% max on buy to lets and again credit policy is different to residential and from lender to lender
Kerry
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Registered: 5th Oct 01
Location: Norwich
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5th Mar 06 at 20:47   View User's Profile U2U Member Reply With Quote

students can get buy to let mortgages
John_C
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Registered: 5th Mar 03
Location: South east, Bromley
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5th Mar 06 at 20:49   View User's Profile U2U Member Reply With Quote

buy to lets are easy 2 get if u have the 15% deposit.

northern rock will lend up to 89% but i expect fees and rate to be high
Kerry
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Registered: 5th Oct 01
Location: Norwich
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5th Mar 06 at 20:53   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John_C
buy to lets are easy 2 get if u have the 15% deposit.

northern rock will lend up to 89% but i expect fees and rate to be high


higher lending charges are usually over 90%
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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5th Mar 06 at 21:09   View User's Profile U2U Member Reply With Quote

if i did do it.... i'd prob want to put down about 20k.....

Are rates much higher on 'buy to let' mortages? Do lenders get the hump if a property is bought and let'd on a conventional mortgage?
John_C
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Registered: 5th Mar 03
Location: South east, Bromley
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5th Mar 06 at 21:51   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Kerry
quote:
Originally posted by John_C
buy to lets are easy 2 get if u have the 15% deposit.

northern rock will lend up to 89% but i expect fees and rate to be high


higher lending charges are usually over 90%


shop around there'll b lenders that wont charge a hlc. fees can be up 2 1.5%
of the loan.
http://www.mortgagesforbusiness.co.uk/


 
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