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Wanting to buy first, then sell, will I get mortgage?
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OH that's great to know Calydon, thankyou!! I assume the new mortgage company was different to the old one (since you say "new") ... any particular reason... i.e. you thought the old one might have caused problems, or the new one just gave you a better rate...?
For me, from doing online comparisons as a first step, I can see that my current mortgage provider would actually give me the best deal/rate, so I would want to go to them for that reason, but not if it will cause issues. I don't think it should, though.0 -
Old mortgage company was NRAM so no chance of getting a new mortgage through them!
We went with HSBC for the new mortgage.0 -
It shouldn't make any difference whether it's the same or a different lender. You must disclose the other mortgage - as above, it's mortgage fraud if you don't. So, it doesn't matter who the new lender is. What's important is whether they're a lender who will lend for a second residential mortgage, as kingstreet said.0
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We briefly had two residential mortgages, one through HSBC and then one through Santander (HSBC wouldn't lend). They were both at normal interest rates, but the issue was affordability, Santander was more generous than hsbc for us. If the total amount you could borrow is £190k, they'd only lend 190k minus your existing mortgage of 85k, which would leave you £85k short to buy the new place, if that makes sense.0
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That's one way a lender might work it out.Bluebell1000 wrote: »If the total amount you could borrow is £190k, they'd only lend 190k minus your existing mortgage of 85k, which would leave you £85k short to buy the new place
Another they will deduct the monthly cost of the current mortgage like a loan or HP commitment from income, before calculating what you can borrow.
Careful lender selection is needed here as it will fall apart with many lenders chosen at random or because they appear to have better rates.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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