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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 47340
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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Can I get a mortgage if I own another property? The other

Resolved Question:

Can I get a mortgage if I own another property? The other property is funded by a standard personal homeloan.
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a qualified solicitor and it is my pleasure to assist you with your question today. It is entirely possible to buy another property if you already have a property which you own. There is no limit on how many properties you own or mortgages you own. However, any mortgage which you have already taken out will be taken into account when assessing your eligibility for a new mortgage. The new lender will see this as a loan against your name and it will affect the amount they are willing to lend you. However, the mere existence of another mortgage or property in your name would not stop yo from getting another mortgage I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
Customer: replied 1 year ago.
For Ben JonesHi Ben, thanks for your answer.So an existing mortgage would impact the amount I could borrow from a new lender. So for example, If I earned £100k and could borrow four times income that would be £400k minus the value of any outstanding loan, is that correct?ThanksPaul
Expert:  Ben Jones replied 1 year ago.
Yes you are correct. It may not necessarily be as simple a calculation as that one but it sill be taken into account. Each lender has its own criteria and some may just make a simple calculaiton like that whilst others may take a proportion of the amount into consideration. If your original question has been answered I would be grateful if you could please quickly rate my answer by selecting 3, 4 or 5 starts at the top of the page - it only takes a second to do and is an important part of our process. I can still answer follow up questions afterwards if needed. Thank you
Expert:  Ben Jones replied 1 year ago.
Hello, I see you have read my response to your query. Please let me know if this has answered your original question or if you need me to clarify anything else for you in relation to this? If your query has been dealt with please take a second to leave a positive rating by selecting 3, 4 or 5 starts from the top of the page. If you need further help please get back to me on here and I will assist as best as I can. Thank you.
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