New to Mortgages

nightfireuk2001

Hi guys,

first post on this forum so go easy on me please....

My wife & her sister have the mortgage for the property that my wife & i live in. However we have seen a place that my wife & I would like to move to.

Does anyone know how this works? Her Sister is happy to sell the place we have at the moment. So how would this work when going for a new mortgage?

Do we have to be property free before going for a mortgage? Can we apply for a mortgage while she still part owns this place?

Any help or advice would be greatly appreciated.

Chris

ACG

Put your place up for sale, put an offer in on the new property. You then form a "chain".
Both transactions are separate (unless its a house exchange), so once yours sells, that will free up the money to purchase the new property which will then free up the money for your vendor to buy and so on.

The chain may get bigger if your property is reliant on selling their property and so on.