getting 2 mortgages/2nd mortgage
Discussion
Right this sounds a bit daft but anyway here we go
Myself snd SWMBO have seen a house thats up for sale at a real steal and just what we want. However its an bank repo. And as such has no chain and they have a ugre to get rid quick.
The problem stems from ours not being up for sale and needing a bit doing to it to flog it (which we are underway doing). So basicly is it possible to get a 2nd mortgage on this new house and re mortgage this one on a veiw to selling it ASAP or vise versa.
I dont have a huge amount of equity in it so I am not looseing a huge amount that I can use as a deposit. I have a 10% deposit already for the cost of the new one ad the inlaws have said they would loan us some cash.
Any suggestions from those with a financial bent?
Cheers
Duncan
Myself snd SWMBO have seen a house thats up for sale at a real steal and just what we want. However its an bank repo. And as such has no chain and they have a ugre to get rid quick.
The problem stems from ours not being up for sale and needing a bit doing to it to flog it (which we are underway doing). So basicly is it possible to get a 2nd mortgage on this new house and re mortgage this one on a veiw to selling it ASAP or vise versa.
I dont have a huge amount of equity in it so I am not looseing a huge amount that I can use as a deposit. I have a 10% deposit already for the cost of the new one ad the inlaws have said they would loan us some cash.
Any suggestions from those with a financial bent?
Cheers
Duncan
I don't get why you need to remortgage the one you have at the moment? It's just a straight purchase of a second home, which is fine as long as you can afford both mortgages, subject to credit checks and normal lending criteria. 10% though isn't a great amount, 25% deposit is what you'll want to get a good deal on a purchase. On top of that you'll need stamp duty, sol fees, etc.
You mention that you don't have a lot of equity in your current house. IME people tend to over value their house (i.e. what the bank/surveyor would say it's worth. I'd be making sure that you have enough to cover the sale.
You mention that you don't have a lot of equity in your current house. IME people tend to over value their house (i.e. what the bank/surveyor would say it's worth. I'd be making sure that you have enough to cover the sale.
sorry for the delay in replying
I have raised a 2nd mortgage on the new property I want and have a 15%deposit. The rates good but not briliant due to the 15% not 25% deposit.
Offers in accepted just waiting for the survey now and that should be it.
Need to sell the current house asap or rent it out. as the 2 mortgages are crippling I would rather rent it but SWMBO isnt keen on that idea.
I have raised a 2nd mortgage on the new property I want and have a 15%deposit. The rates good but not briliant due to the 15% not 25% deposit.
Offers in accepted just waiting for the survey now and that should be it.
Need to sell the current house asap or rent it out. as the 2 mortgages are crippling I would rather rent it but SWMBO isnt keen on that idea.
At the momoment the property I am buying isnt habitable, I cant understand the sort of people who lived there its disgusting.
I am putting this property on the market to sell, estate agents in on friday to mesure up and take photos.
The plan is to sell it on cheap for a quick sale however it depends on the market. If I cant sell within 3-6months I will rent it out. I have contacted my current lender and they have no issue with the change of use.
I am putting this property on the market to sell, estate agents in on friday to mesure up and take photos.
The plan is to sell it on cheap for a quick sale however it depends on the market. If I cant sell within 3-6months I will rent it out. I have contacted my current lender and they have no issue with the change of use.
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