can one have 2 separate mortgages?

K

kim

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Hi

Just quick query, I have a mortgage in my own name on a 3bed semi and the balance is 117k, I want to eventually build a house in the country with my partner, if we go for a mortgage together can I keep my own house and mortgage seperate? or do I have to combine it with the new mortgage loan? also im in a fixed rate for the next 3 yrs so I dont want to break out of it and end up paying a fortune in breakage fees. can one have 2 seperate mortgages?
 
Re: mortgage question

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Re: can one have 2 seperate mortgages?

Hi Kim, subject to bank approval you can have one mortgage secured on the house you currently own and a different mortgage secured on what will be the newly built property.
 
Re: can one have 2 seperate mortgages?

I have come across this issue in my own circumstances and this is what they bank told me....
If the second house is to become your family home and you live in it, then when the fixed rate is up on the first house (and you don't live it in) the mortgage on that house will convert to a buy-to-let or holiday home mortgage (where interest rates are slightly higher than the norm)
Now, I am not saying this is gospel but this is what my bank told me??
 
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