Mortgage - after purchase of house

Basil_Hume

We've recently sold our outright-owned house and are now in a position to buy our next house with cash from savings. However, the new house is likely to need some additional work after the purchase and we need another source of funds!

Is it possible to get a mortgage having already bought the house (i.e. secured lending)? I'd prefer to do this if it means that the house-buying processs is quicker and less hassle-some.

What are the pros and cons?

Thanks. :money:

Thrugelmir

Are you intending to purchase at auction? So need to pay in cash.

If not, obtaining a mortgage should not put you at a significant disadvantage. The process can be speed up by getting the ball rolling before hand. At least then you'll have funds available from the minute you move in.

Basil_Hume

We're buying conventionally, via an estate agent (not auction).

The solicitor has been instructed and searches started on the assumption that we have no mortgage. I guess we might as well wait until the sale is completed before progressing with mortgage application, rather than stall the process now??

The value of the mortgage would be about 15% of that of the house - £40k or so.