Would I be able to have two mortgages?

Princess_kate

Hi all, I'm after some advice please.

I own my flat, been valued at 80k, outstanding mortgage on it for 68k with a fixed term rate coming to an end in december & payments dropping to £220 from january.

I'm looking to buy a house with my partner & have seen the PERFECT one today!!

Is on for 150k & I have a 10% deposit saved.

I really want it but am not sure if I cant sell mine in time if there is a way of me having two mortgages for a time until it is sold or longer term if I decide to rent it out, but im not sure I could put up with the hassle to be honest!!

I earn 26k with up to around 15k additional, and my partner earns around 15k....

Im confused about how much I can borrow at once & how it works having two mortgages! 2 estate agents have asked me if I need to sell mine before I can move & I assumed I would but as I have 10% deposit already will I definately have to?

Thanks in advance!

Kate

opinions4u

It all depends on the affordability models of the lender that you are using.

In the current market many would be very unwilling to take on a 90% mortgage when you already have a commitment of £68k elsewhere.

If you have significant income, there is a possibility, but a question an underwriter could reasonably ask is "if you have a big income why don't you have a bigger deposit?".

See a broker, but don't get your expectations of success up. There are lots of houses out there and another "perfect" one will appear again in the future.

chappers

can't you just do what most people do.
Put an offer on the house get yours on the market and get in the chain along with everyone else.

Princess_kate

Well yes, obviously this is the ideal situation.
I was just thinking of alternatives if mine takes a long time to sell.

Wobblydeb

I've got exactly the same issue, except me and my fiance have got two homes to sell so that we can buy one together!

I think mine will sell okay, but think his could take longer to ensure it isn't sold at a loss. We could easily afford to run two mortgages (as we are at present). Are there any lenders looking more favourably at these situations?