Help please- mortgage advice for newbie..

dooper

Hello,
The istuation is this. I live with my (female!) partner. The house we live in belongs to her and she has the mortgage on it. Although legally she is the owner and mortgagee and my name appears no-where,we see ourselves as partners and the house as ours !. The house has an outstanding mortgage of about £12000. We would like to move and have seen a house for £148000. The vendors are keen to deal with us as they have a house they wish to buy. Our current house isnt on the market yet!. Potentially we could put this house on the market and expect to get about £105,000. This leaves a deficit of £43000 plus the outstanding mortgage of 12000.

We have a couple of scenarios...

(a) If we want to secure the new house and do a quick deal, I could release 100,000 of my own money and mortgage up to 60000 to pay the outstanding 12000+48000. Then when the existing house is sold i could claw that money back and use some of it to reduce the 60000 mortgage that ive just taken out!. BUT if i do that, could i reduce the monthyl payment?

(b) put my house on the market NOW and hope it sells quickly-thus keeping 100000 invested elsewhere?

Clues and thoughts please-i have a headache!