Waited 2 years for this house - is this possible?

lanclass_2

Hi - very grateful for any replies, I would like to know if these numbers stack up to enable me to buy a house that I've been waiting a long time for, - before somebody else does!

Current residential mortgage - offset with First Direct

Mortgage = 40k, offset by £30k, savings in Halifax ISA £10.2k (have facility to take mortgage up to total £82k) Current house value £230k
Joint annual income - £77k
Outgoings approx £1800 (no loans etc)

I would like to offer to buy the other house for £300k, putting a depost down of 25%. To do this, I would need to use up offset savings and increase FD mortgage to maximum of £82k.

I do not intend to rent out our existing house, I intend to sell it and then pay a chunk off the mortgage for the second house.

If the above is possible, can anyone suggest a suitable provider? I have been very happy with First Direct and would like to stay with them but I'm not sure they would go with this scenario?

Thanks again

Let_Us_See

Why ask for opinions on the forum when you can call FD and receive a definitive answer???

Conrad

I generaly use Halifax for this scenario. As long as the application is framed correctly, they usualy agree.

FD you will clearly need to ask yourself. Be aware call centre staff may not have had adequate experience of your scenario so make sure they are 100% clear so as to avoid a typcial 'last minute' problem when someone in their legal teams 'suddenly' realises your current mortgage will not be cleared simultaneously.

My guess is FD will definitely decline as they cannot allow you 2 main residences, plus there would be insurance implications

All the best.