Buying before selling?

Pickwick79

Hi there, I suspect the answer to this will be that our plan isn't possible, but just wanted to get independent confirmation before I put the idea to bed! We're planning a move this year, and for various reasons would like to be able to complete on the new property without being reliant on the sale of ours (although we do intend to sell it shortly afterwards rather than keep it as a rental or anything) - the questions I have re this are:

1) in order to do this we'd need to be able to take out a second residential mortgage in addition the one on our current property, and I'm not sure whether this is allowed?, and if this is possible
2) affordability - whether we'd be able to borrow enough while still having our existing mortgage - the high level figures are as follows:
Joint income £130k, excellent credit history
Current house value £400k, current mortgage £165k
Cash available for deposit on new property c£200k (other savings available for stamp duty etc)
New property value c£700k, so needing to borrow about £500k (although with the ability to pay off a big chunk once we sell current property)

Is there any likelihood we'd be able to do this?

Thanks in advance

kingstreet

Yes, you can have more than one residential mortgage.

Affordability will vary from lender to lender depending on how they see the existing mortgage. Seek broker assistance to establish which lenders are most suitable for your situation.

Ask friends and relatives for broker recommendations.