will I be able to get a mortgage on a prop with no mortgage

jane12355

Hi We found our perfect house and sold ours a few weeks before finding out my husband will be made redudndant in October. I was honest with mortgae co who withdrew the offer. We then borrowed the money from my mum paying her the interest she would have received. We plan to get a new mortgage when our circumstances improve and pay the money back. The house is worth £230000 and we would need a mortgage of £93000. Is this going to be a problem? Thanks in advance foe any advice!
Jane

Senior_Paper_Monitor

Generally no problem (if the rest of your finacial circumstances are OK) - some lenders uncomfortable with unencumbered property but not a major issue

Conrad

Jane some lenders will not allow within 6 or 12 months. Woolwich just did one for me within a few days of the clients buying it cash.

jane12355

Thank you for your quick replies! Thats good news even if we had to wait 12 months it wouldn't be a problem. Hopefully hubby will get sorted quickly and we can move on.
Jane