Will bank accept a 2nd home mortgage whilst I am trying to sell the first?

horngkai

my plan is to sell the existing property as stated in the first post. The reason of taking up 2 mortgages are to speed up the moving process and I am able to get the best offer on my existing property and the new property (presuming as I can move without chain in a way?)

Is consent to let treated as a buy to let? such as the mortgage on the property will not be considered when applying for the 2nd mortgage? How about monthly outgoing? Will the 1st mortgage payment be included?

horngkai

Voyager2002 wrote: »

The standard solution is a "bridging loan".

What's a bridging loan?

Dave_Ham

A bridging loan is likely to be an expensive alternative, ie a finance house provides you with the advance to buy the 2nd property using the sale of your existing house as an exit route.

A consent to let is usually agreed by an existing lender, sometimes on the same terms, specifically if you are in a fixed rate deal. The ongoing bank then disregard the mortgage payment.

On a side note and I read too much into small things, when trying to give help and point you in the right direction I ask a valid question. I would have reacted better had you just answered, rather than as stated in the first post - pardon me for not giving full attention for some free information..

Off out now anyway - good luck all

Conrad

There's often a very simply way to approach this, which amny a good broker can tell you about. No need to get bogged down with income covering 2 mortgages.

All you need to be able to say is that you 'intend' for the existing mortgage to be cleared within one month of the new one commenc ing.

horngkai

Dave_Ham wrote: »

On a side note and I read too much into small things, when trying to give help and point you in the right direction I ask a valid question. I would have reacted better had you just answered, rather than as stated in the first post - pardon me for not giving full attention for some free information..

Sorry if you feel troubled in any way. When I read a thread I normally read from the first post till the last. Note to self, not all people read through the whole thread.

Your advice have been much appreciated.

horngkai

Conrad wrote: »

There's often a very simply way to approach this, which amny a good broker can tell you about. No need to get bogged down with income covering 2 mortgages.

All you need to be able to say is that you 'intend' for the existing mortgage to be cleared within one month of the new one commenc ing.

Would the so call 'intention' be enough though?

What I could do is put my current home on the market whilst moving to the new home. Would that make any difference from the bank point of view?

Dave_Ham

This is rubbish information, and I cannot think of one lender that will allow you to do this..

Otherwise everyone would be doing it... and they are not...