We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you remortgage and get a new mortgage for another property at the same time?
BelleinBritain
Posts: 2 Newbie
My husband has an existing mortgage on a home he originally lived in and later rented out for the last 10 years while living abroad. The property is currently being rented.
The mortgage is £28K. The house is roughly valued between £120-130K. The monthly mortgage payment is £250. It is rented for £650 per month.
We want to buy another home for £230K. (We are currently living with his parents as we just returned from the U.S.) He has maintained UK accounts and still has a good UK credit (confirmed when we obtained a mortgage in principle).
We need to take £40K from the equity in his rental home to gather a deposit for the home we want to buy.
Now that you know the background, my question is: can we remortgage his current property while simultaneously getting another mortgage on the new home? His parents are great, but the thought of waiting the 4-6 weeks to remortgage and then another 4-6 weeks for the next mortgage is a bit daunting.
Thank you for the help!
The mortgage is £28K. The house is roughly valued between £120-130K. The monthly mortgage payment is £250. It is rented for £650 per month.
We want to buy another home for £230K. (We are currently living with his parents as we just returned from the U.S.) He has maintained UK accounts and still has a good UK credit (confirmed when we obtained a mortgage in principle).
We need to take £40K from the equity in his rental home to gather a deposit for the home we want to buy.
Now that you know the background, my question is: can we remortgage his current property while simultaneously getting another mortgage on the new home? His parents are great, but the thought of waiting the 4-6 weeks to remortgage and then another 4-6 weeks for the next mortgage is a bit daunting.
Thank you for the help!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards