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How long is the process if I already own the house?
pollyanna24
Posts: 4,390 Forumite
I know buying a house can be a long drawn out process especially from what I read on here(!), but if I already own the house and the process is taking on the existing mortgage and getting additional mortgage to buy the other owner out, is this likely to be a quicker process or does it make no difference at all?
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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Some of the paperwork is already done BUT you still need a lender happy to lend you the amount of money you need to buy the other person out.
So valuation, mortgage process etc0 -
Often, a transfer of equity involving a new mortgage, or additional borrowing, can take as long as a purchase.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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