Second joint mortgage versus single mortgage

E

euroseptic

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euroseptic 17-04-2013 10:09 PM
Joint mortgage

I am hoping for some advice about an impending mortgage application.

I am currently living with my boyfriend, he has a mortgage on his apartment, and I am planning to try to buy a house soon. I intended to buy on my own but he has suggested we buy together, I like the idea but will this create difficulty in getting approval as it would then be considered a second mortgage.

We are lucky to both have a reasonable income but I wonder if it would be more feasible for me to go ahead and apply on my own?

I appreciate any advice offered.
 
I would not advise you to purchase with your boyfriend. Without further details it's difficult to add anything else.
 
Thanks for your reply Bronte. I'm just wondering is your opinion based on the possible difficulties of joint mortgage in general or because of the existing mortgage?
 
No it's based on all the messes on AAM of 'single' people buying with their boyfriends. They too concentrated on 'we will do whatever it takes to get the house' brigade. Never thinking of the consequences.
 
Thanks Bronte. Although perhaps I should have been more specific with my query, I'm wondering if the fact that my boyfriend has a current mortgage will interfere with the ease of obtaining a joint second mortgage, I have previously purchased and sold so am not in danger of doing whatever it takes just to buy, just looking for some informed advise.
 
I think the fact that he already has a current mortgage will indeed interfere with getting a joint second mortgage. Unless he has enough income to satisfy the banks that he can pay both mortgages and have enough disposable income left over. Does he have a large salary?

I know you don't want to hear about it, but do be thorough and careful about buying with a boyfriend. I made the mistake and am now still on the hook for a large mortgage, even though I do not live in the house for the past 5 years!
 
Hi PaddyW, thanks for the reply. We're both grossing a little over 50k, remainder of the existing mortgage is about 160k, not sure how the bank will view this? Also thanks for the word of caution, I know these things can become a mine field if relationship breaks down.
 
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