Can I get a 2nd mortgage before selling my current property?

thebritishpike

Hello,

Me and the better half have seen the perfect house in a brilliant location and know that it will sell very quickly.

Is there any way possible of buying this house whilst leaving my current house of the market still?


Any advice on this will be appreciated!!!

Thanks!

PasturesNew

It all depends on your income, the values of the houses, the size of your current and new mortgage.

You've provided no clues/figures upon which any reasonable answer could be provided. Without this, I'd have to say "not a chance in hell".

G_M

Is there any way possible of buying this house whilst leaving my current house
of the market still?

Easy.

Use your savings to buy the perfect house, then sell your existing house at your leisure.

mrchiggles

The mortgage lender will look at your outgoings on your "old" house that's on the market to consider if you can afford 2 houses at once when they grant you the mortgage on the "new" house so it depends on the figures and the lender.

twink22

We kind of had a similar situation- My OH owned a flat with someone else, they both moved out and rented it out, we got a mortgage offer based on the flat being rented out and found a house to buy, however his ex flat mate decided to sell the flat just after we had an offer accepted on a house, the flat sold very quickly and the tenants left, but the buyers solicitor is very slow, now the bank will not let us complete on our house (contracts signed and ready to exchange) until after the flat has completed and we can prove the mortgage has been cleared.

You need to be able to prove to the bank you can afford both mortgages or that you have rental income from the 1st house that covers the mortgage.