Hello
I've got a pretty unique situation which I'll detail below:-
My parents were in quite a bit of debt in 2007 and were going to sell their house to one of those companies that (before the crash) used to buy your property for 90% of its value and rent it back to you - to get the equity to pay off outstanding debt.
Rather than have them do that I said I would buy it off them and they then paid me rent. So I bought the house for £115,000 and there is currently £96,000 left on it, and the mortgage term ends in 2037.
At the minute I'm on Nationwides BMR rate (2.5%) with a residential mortgage. I work and rent a house away from theirs but still go back there once a month.
My question is; would I be able to get another mortgage while already having one on my parents house? I would be getting the mortgage with my girlfriend, our combined salary is £75,000 and neither of us have any other loans/credit cards etc.
Thanks in advance.
I've got a pretty unique situation which I'll detail below:-
My parents were in quite a bit of debt in 2007 and were going to sell their house to one of those companies that (before the crash) used to buy your property for 90% of its value and rent it back to you - to get the equity to pay off outstanding debt.
Rather than have them do that I said I would buy it off them and they then paid me rent. So I bought the house for £115,000 and there is currently £96,000 left on it, and the mortgage term ends in 2037.
At the minute I'm on Nationwides BMR rate (2.5%) with a residential mortgage. I work and rent a house away from theirs but still go back there once a month.
My question is; would I be able to get another mortgage while already having one on my parents house? I would be getting the mortgage with my girlfriend, our combined salary is £75,000 and neither of us have any other loans/credit cards etc.
Thanks in advance.