#2
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.

#3
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.

#5



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
Originally posted by rentmekid


Google it...

#6
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.

#7



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.
Originally posted by rentmekid




In that case, crunch ALL the numbers and wish you the best lucks !

#8
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.

#9
It won't.



You can have as many residential mortgages as you can afford. How much renovating do you plan using a residential mortgage?

#10



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.
Originally posted by rentmekid




Its only fraud if you tell lies on the application.

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