Getting a 2nd Mortgage

JCen

Hi

Was hoping some of you people could offer me a little advice. We're currently looking at moving home. We only instructed the estate agents yesterday to put our house on the market but today we viewed a house that we really loved. Unfortunately someone else viewed after us and have put an offer in. We also wish to put an offer in but the estate agents have advised us that the other people have sold their house so in a better position then us.

I just wondered if people knew how difficult it was to get a 2nd mortgage and how willing lenders are to doing this?

The house we seen we'd be prepared to pay up to £250k and have enough in savings for a deposit of 15%. The mortgage on our current property is currently £57k. With our current provider having offered to lend us up to £420k for a new property. We are in a position where we could afford to pay the mortgage and bills on both properties if needed. The house we are looking at needs work and so the majority of the proceeds from our sale we were intending to put into the property renovations rather than the deposit anyway.

Ideally we'd sell ours before moving but while happy to lose out on a house should it go above what we are prepared to pay. I'd be a bit unhappy to lose out because of not having sold our house so was just really exploring what options we had.

Thanks