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1 person mortgage, moving and adding 2nd person...
petemid
Posts: 3 Newbie
Hi,
most of the information and tips seem to be for first time buyers -
Are you actually able to use money from the sale of the flat as the deposit for the new house? - i.e. you don't actually have the money until the sale goes through so you can't give the deposit up front!??
Sorry if my questions seem silly but I havent got a clue!
most of the information and tips seem to be for first time buyers -
- my girlfriend has a mortgage of around 50k on a flat worth 150k
- she wants to sell and use about 50k as a deposit on a house and have the mortgage on this house with me
Are you actually able to use money from the sale of the flat as the deposit for the new house? - i.e. you don't actually have the money until the sale goes through so you can't give the deposit up front!??
Sorry if my questions seem silly but I havent got a clue!
0
Comments
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You need to see the specific terms and conditions of her mortgage I think.0
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Her mortgage will be paid off when she sells.
The two of you apply for a new mortgage on the property you want to buy.
On completion day, the sale proceeds are used to make up the difference between the agreed price and the mortgage for the new property, with any surplus funds passed to your partner by her solicitor.
If you stay with the same lender, the rate from her old mortgage may be transferable to the new mortgage, with the extra you're borrowing given on a new rate offer. You need to look into this if your partner faces penalties for redeeming her mortgage early, or if she has a very attractive rate at the moment.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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