Is it possible to have 2 mortgages for a short time?

zzzLazyDaisy

Do also bear in mind that whatever the estate agent values your flat at, the buyer will inevitably offer less - and there is a risk that the lender's surveyor will down-value the flat. On top of that you have estate agent's fees, solicitor's fees on both the sale and purchase, stamp duty, search fees, landregistry fees etc on the purchase, plus removal costs. The actual net equity once all this is deducted may well not be enough to repay your parents for the deposit (should you decide to pay them back). You then have to find the money to do up the new place, whilst maintaining two mortgages - and if your mum has to help you out with repayments for one of the mortgages, you are racking up debt, with a high risk that you will not be able to pay her back from the proceeds of the sale of the flat.

And what if it takes a year to sell? Or you have to drop the sale price by another £10k to achieve a sale?

Sorry, but it sounds like a non-starter to me. You really need to get a buyer in place for your own flat before looking at a new purchase.

D

pink_petal

Hi
Just a quick update. Off the back of all the great advice we got on here we decided to speak to our bank and they were so helpful. They said as long as we have a 10% deposit we'd be fine to have a second mortgage (subject to a full application of course) but in theory it wasn't a problem at all.

So our offer has gone in! Not so good is that our solicitor told us there's been lots of interest and more than five offers so we're not holding out much hope but at least we tried! Also this is given us the push to get our flat valued etc so we're going to go ahead with putting our flat on the market either way so next time we'll be prepared!

Thanks again for all the advice and the helpful PMs I received also.

PP

lonestarfan

pink_petal wrote: »

Hi
Just a quick update. Off the back of all the great advice we got on here we decided to speak to our bank and they were so helpful. They said as long as we have a 10% deposit we'd be fine to have a second mortgage (subject to a full application of course) but in theory it wasn't a problem at all.

So our offer has gone in! Not so good is that our solicitor told us there's been lots of interest and more than five offers so we're not holding out much hope but at least we tried! Also this is given us the push to get our flat valued etc so we're going to go ahead with putting our flat on the market either way so next time we'll be prepared!

Thanks again for all the advice and the helpful PMs I received also.

PP

Can you tell us the name of the bank please. That's helpful to me but will be helpful to others who read these boards.