From: "Geordie" 
Newsgroups: uk.finance
Subject: Mortgage Advice Sought!
Date: Sat, 25 Jun 2005 16:32:14 +0000 (UTC)

Have a query here for some mortgage advice if anyone can help.

I am 27yrs old, and my partner is 23. We are looking to buy our first home 
together and have seen a three bed property for £139,995. The property is 
being offered with a 5% builders deposit, £100 towards the monthly mortgage 
payment each month for the first year, £350 towards legal fees.

I earn £20k per year as a tied mortgage adviser with C&G, and my partner is 
a teacher earning £19k per year. Our only outgoings are £209 per month 
towards a car payment in my partners name and I pay £80 per month on a 
personal loan with approx £4000 outstanding. We both have good credit 
history with no missed payments.

The downside to all this is that I have a buy to let property valued at 
£40,000 which presently has £34,000 owing. I am tied in for a further two 
years. I also have a residential property which we live in that is valued at 
around £65,000 but has £75,000 owing as I took out a together mortgage with 
Northern Rock in order to clear my debts from university. I am tied in to 
this deal for a further 2 and a half years.

Having spoken to an independant mortgage broker he advised that the only way 
around this problem would be to self certify in my partners name only and 
find another 5% of the purchase price to make a total of a 10% deposit.

I am looking to hopefully keep both of my current properties as an 
investment for the future, and don't wish to sell them if possible.

However, we would really like to buy this property but the two mortgages I 
have at the moment appear to be quite an obstacle.

Thoughts on how to resolve this?

Any help much appreciated!

Thanks.