buying new house on own (when still on mortgage with partner) with equity in joint house

[Mini05]

Hi

Bit of a story but will try to be as clear as possible!

Partner and I have joint mortgage on current house(although he pays it) I put a deposit of my half share of house as deposit. We did this as tenants in common so mine was safe incase of split.

Well it may come to splitting, I have seen a smaller house, may be able to get the 10% deposit together, but how do I get the rest of the money if I'm already on another mortgage! It may take few months to sell our house and this bungalow may have gone then!!!

Does anybody know/done this, is it doable?

Bump anybody?

It will depend on your affordability.

If you can demonstrate you can afford all your existing commitments, including your liability on the other mortgage, then you'll be fine.

I suspect you've posted as this isn't the case.

You will struggle to get another mortgage until you've sold the current property. As joint mortgage holders you are both equally liable for the outstanding balance and I don't think there's any way around it.

It used to be the rule that you could only be on one mortgage. Perhaps the rules are more flexible now. But you should just approach a BS and get advice from them. But only if you could make the repayments on both mortgages because you will be jointly liable on your first mortgage.

You can be on more than one mortgage now- the big caveat is that you need to be able to show you can afford it.