Two mortgages?

pointer77

Hello All,

Newbie here looking for some advice.

We have had an offer accepted on a house we really like and at the time the sale of my flat was going through nicely.
Since then my buyer has pulled out which means my flat is back on the market. I have a mortgage on this property but at the moment I'm living with my partner who rents her house and we were due to buy together.

We really don't want to pull out of our new house (the deposit for the mortgage still won't be a problem) but where do I stand with having two mortgages? Is it best to pull out of the new one or hope that my flat sells quickly now its back on the market?

kingstreet

You would need to establish;-

that you pass affordability with your new lender with the mortgage remaining in place and;

that your new lender will accept the mortgage remaining in place.

enthusiasticsaver

Is it possible for your partner to buy just in her name?

You are unlikely to be offered a mortgage on a new property unless your income is deemed sufficient to cover two mortgages. You are also in the realm of the second home stamp duty surcharge if you buy a new property while still having your current flat.

You could reduce the price of your flat to sell it quickly. Is there a reason why your purchase pulled out and how long did it take you to find a buyer?

pointer7

We didn't even think of my partner buying in her name, I think she maybe able to afford it, its something we will look in to.

My buyer pulled out because it was taking too long but it was his solicitor who kept raising ridiculous queries/questions and holding the sale up (we have been ready for months) but we had a viewing 30 mins after it went back on to the market which was good.

It only took a couple of weeks to find the buyer in the first place so I'm quite confident it will sell quickly