Is it possible to have 2 'Mortgage in Principal's' ?

rlfan82

Me and my wife have had an offer accepted on a house we want but are worried we might lose it due to not selling our own.

Ours is 115, we have 100 in bank, our offer accepted at 185.

We saw IFA to look at various options. but is it possible to get in principal offers for the following situations...

1) We keep our house on market but get another mortgage for new house for full 185

AND

2) We manage to sell our house and port existing mortgage and take out just the 85 or so extra.

Just trying to think of plan B, C, D etc. The mrs will kill me if we lose this house

getmore4less

Don't understand.

Whats the current house worth(asking price will do)

Whats the current mortgage?

How much money is in the bank?

How much income do you have?

The new house is going to cost £185k yes/no?

rlfan82

getmore4less wrote: »

Don't understand.

1) Whats the current house worth(asking price will do)

2) Whats the current mortgage?

3) How much money is in the bank?

4) How much income do you have?

5) The new house is going to cost £185k yes/no?

1) Originally 230, then OIEO 200, accepted at 185, price were happy with
2) 100k left on ours from 112k (On market at 115, just down from 120, i think it will sell but maybe we lose other house in meantime?)
3) around 110k inheritance available
4) currently paying around £700 on mortgage, normally around £500 left p/month after expenses.
5) YES


any advice appreciated.

rlfan82

Best advice to go back to see IFA again for backup plan?

Radsteral

you can get as many mortage in principle..... i could issue you one if i could
As much as i am aware they are not worth the piece of paper.

twice to diferent banks, i went with all the stuff needed for them to decide if they could lent me 195.000 .. both issued a paper saying they can lend me 370.000
when it came to full aplication, same stuff i provided for mortgage in principle, no mortgage provided