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Residential mortgage query

rentmekid
rentmekid Posts: 79 Forumite
Sixth Anniversary
in Mortgages & endowments
Please help, I'm looking to buy a new family house shortly and I'm very confused.

The query If I have a residential mortgage and want to move to another house, do I need to sell my first house as I can't have 2 residential mortgages.

Please advise
«1

Comments

  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Put your house up for sale and look for another one, if/when you find one you will be in a chain, ie someone buys yours at the same time.


    Unless you can afford to have 2 mortgages, 2 lots of council tax and the rest of the bills I would try and find a buyer for your place first.
  • ACG
    ACG Posts: 24,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can have 2 residential mortgages if your income supports them both.
    Some lenders will ignore the first mortgage if you plan on letting out the first property and obtain consent to let from the original lender.

    However, if you keep the property, you will need to pay the higher rate of stamp duty on the new property.
    I am a Mortgage Adviser
    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.
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you don't sell and buy concurrently, where's the deposit for the new one coming from?
    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.
  • Mupette
    Mupette Posts: 4,599 Forumite
    rentmekid wrote: »
    Please help, I'm looking to buy a new family house shortly and I'm very confused.

    The query If I have a residential mortgage and want to move to another house, do I need to sell my first house as I can't have 2 residential mortgages.

    Please advise

    Google it...
    GNU
    Terry Pratchett
    ((((Ripples))))
  • rentmekid
    rentmekid Posts: 79 Forumite
    Sixth Anniversary
    Ok, the reason I ask is because the property that I am looking to buy is a 6 month renovation project.

    For this reason, I don't want to sell or move into rented accommodation.

    Deposit is coming from my savings.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    rentmekid wrote: »
    Ok, the reason I ask is because the property that I am looking to buy is a 6 month renovation project.

    For this reason, I don't want to sell or move into rented accommodation.

    Deposit is coming from my savings.


    In that case, crunch ALL the numbers and wish you the best lucks !
  • rentmekid
    rentmekid Posts: 79 Forumite
    Sixth Anniversary
    thank you for your replies, but I just want to confirm that having 2 residential mortgages, for 6 months or so, wont be classed as mortgage fraud or anything?


    Thank you.
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It won't.

    You can have as many residential mortgages as you can afford. How much renovating do you plan using a residential mortgage?
    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.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    rentmekid wrote: »
    thank you for your replies, but I just want to confirm that having 2 residential mortgages, for 6 months or so, wont be classed as mortgage fraud or anything?


    Thank you.


    Its only fraud if you tell lies on the application.
  • rentmekid
    rentmekid Posts: 79 Forumite
    Sixth Anniversary
    what do you mean tell lies on the application?
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