Mortgage/Property Advice required

[Froomee]

I currently have a joint mortgage with a friend on a house and we have approximately 50% of the value of the property paid off.

I am considering getting a mortgage towards the end of this year or paying a considerbale amount off of my "half" of the mortgage.

So i have the following questions?

If i pay more off (my friend doesn't have funds at the moment) can this be covered by a solicitor so that it is know that i have an extra £XXXXX amount in the property that is due before it is divided? i have discuss with my firend and for my contribution id take a nominal amount from the joint account from the rent or pay slightly less towards the mortgage.

Or if i get a second mortgage how will having the first mortgage affect the amount i can borrow? the amount outstanding is currently 3.8 times my salary or 1.8 times our joint salary.

Thanks in advance for any help.

[Sarnie]

When considering the new mortgage, the new lender will take into account the full balance and monthly payment of your current mortgage, irrespective of whether you only pay half of it.....assuming we are talking about two residential mortgages here?

[WhisperingWasp]

Since the OP mentioned receiving rent I'd imagine the mortgage would simply be cancelled out by the rental income on a subsequent mortgage application, effectively making it invisible for the affordability assessment. Assuming it's self-funding and a BTL/CTL mortgage.

[Froomee]

Sarnie said:

When considering the new mortgage, the new lender will take into account the full balance and monthly payment of your current mortgage, irrespective of whether you only pay half of it.....assuming we are talking about two residential mortgages here?

My friend is currently residing in the property so it is currently residential but he may move out in the nearish future in which case it would be BTL.

Can you have two residential mortgages if one property is jointed owned and one of the owners lives there and then I live in another house that I also own?

If the house I currently own was BTL do I have to prove the rental income and how?

[WhisperingWasp]

Froomee said:

My friend is currently residing in the property so it is currently residential but he may move out in the nearish future in which case it would be BTL.

Can you have two residential mortgages if one property is jointed owned and one of the owners lives there and then I live in another house that I also own?

If the house I currently own was BTL do I have to prove the rental income and how?

As long as both mortgages are affordable on your income then there is no reason why not. As Sarnie said though, the entire debt will be considered a liability.

With regards to proving the rental income; if you are already in receipt of it at time of application then you'd typically provide 3 months' Bank statements showing the rent being received. If it is yet to be let then a letter from a letting agent confirming expected rental yield should suffice.