Borrowing additional money on current mortgage

CC1982

We have had an offer accepted on a house we really want to buy, but they want a quick sale so will not give us time to sell our house. I have arranged a first-time buyer's mortgage as I am not on the mortgage for our current house and we were going to get the rest of the money from our existing mortgage. We have overpaid for years so owe about £13,000 and the house is worth about £130,000. Have an appointment with Halifax who my husband has current mortgage with, but is this the best way of raising the additional money needed. And, most importantly, the website claims that you can use the money for lots of purchases, but can you use it to buy another home. If not, what do I say I need £90,000 for?

Thanks for any help x

kingstreet

The further advance should be fine, subject to affordability/status etc but the lender for your new purchase mortgage will have a problem because the source of the deposit is a person who will be living in the property, effectively with a financial interest in it, who is not named on the mortgage.