Buying without selling (straight away)

ChrisFarnham

Hi.

I currently own a house up North which has a tennant until July, and I'm living down in Surrey in rented accomodation.

I've decided to buy a property down here now and sell the house up North. I've found a house that I want to buy and I'm in the process of getting my house onto the market.

My question is when applying for a mortgage it asks about my current mortgage and whether it will be repaid. Am I able to buy the new house before my other one is actually sold? I have a deposit in a savings account for the new house, so wouldn't be relying on the equity from the house I'm selling.

Is this possible, or will my house have to be sold before I can start the application process on the new house?

Any advice would be much apprecited.

Chris

Caz3121

Is the house up north currently on a BTL mortgage or is it on a residential with consent to let?

dimbo61

Does you income support 2 mortgages ?
How big a deposit can you put down ?
Is the property up north on a Buy To Let mortgage ?

ChrisFarnham

I've got a residential mortgage with consent to lend with Direct Line. LTV is 65%. House value is £200k

The house I'm buying in Surrey is a joint mortgage with my partner. £240k value with a 80% LTV mortgage.

My income can support both mortgage payments while I'm waiting for the house to sell.

Thanks for your quick responses guys!