Can I get a mortgage that is more than the price of the house?

ukbondraider

Hi all,

I currently own a £450K house in the subburbs which has approx £50K remaining on the mortgage.

My Salary is £95K

My original plan was to buy a city apartment after the house is paid for. However I am now very keen to get a flat immediately and have seen one for £250K.

My question is:

can I get a Mortgage for £300K when the apartment is only £250K. I want the extra £50K to completely repay mortgage on the house in the suburbs and for that house to be risk free and not linked to the flat purchase whatsoever. i.e.in the worst case senario that for some reason I can not repay the new mortgage I would only lose the flat but not the house as this had nothing to do with the mortgage.

My thinking is that I will definitely pay the house off by next year. However rather than doing this and then using another Mortgage provider when I come to look at flats a Mortgage provider can lock my future business in by taking what appears to be initial risk.

I hope all that makes sense.

Please note that my aim is to pay off the house so I dont want to remortgage this house and use the money to pay for the flat outright. I want it the other way around essentially.

Any Mortgage experts available to comment and advise?

Thanks

ukbondraider

How about non reputable mortgage providers. Do they exist?

I am sure someone can do it.

No?

Conrad

ukbondraider wrote:

How about non reputable mortgage providers. Do they exist?

I am sure someone can do it.

No?

Only Northern Rock allow significant over - borrowing, but this is for residential loans only.

I often arrange 95% mortgages on second properties.

Just for the record Ive sold all my B2Ls. I think bargains will be around in the not to distant future. Money is flooding into the SM away from property. I think Ill get back into property once Im sure the bottom has been found and its gone out of fashion. What easily goes up can easily come down, even property.

ReportInvestor

Hi ukbondraider,

SuperMax from Bradford & Bingley could be the answer to your problems

Or your nemesis. Up to 130% loan to value! Negative equity guaranteed.