Running two mortgages - getting agreement

Meerkat5

We're selling at the moment and along with most people are having difficulties finding a buyer. Our mortgage is with Woolwich/Barclays. We have a mortgage in place ready to go for the new property with IF. Due to move 29th August and thankfully for us we can afford to keep both mortgages until our old house sells. We also thankfully have liquid cash for the deposit for the IF mortgage. When it became apparent we wouldnt sell in time i asked my broker if there was any condition on the IF loan that the Woolwich one would need to be paid off, was told no. However my solicitor has had the details in from IF and it states that there is! Contacted my broker and am waiting for a reply but in the meantime am having absolute kittens! Cant get out of the purchase as the missives are signed (in scotland) so if this is true we are well and truely ... in a difficult place. HAs anyone had any success getting this clause lifted?? Help??!

lp1_2

I guess only your 2 mortgage companies can tell you. It would seem reasonable though that if you declare your old mortgage to IF and they are happy you can afford the repayments then there should'nt be too many problems. PS we are in exaclty the same situation as you with buying and selling. Good luck...

payless

On application to IF you would have stated if Woolwich mtg was to be repaid at same time.

They have a few get outs but if solicitors are asking you will need to answer those , and he will get confirmation from IF