Getting a mortgage while I already have one

[trooperiziz]

Calling our faithful mortgage brokers on PH.

I've just about to put my name down for a new build property which won't complete until june next year, but which I need to exchange in November this year.

My current property is on the market, but not sold yet. If it hasn't sold by November am I screwed? Because I assume I will need a mortgage offer in place at some point and I'm not sure if the mortgage companies will take into account that when I actually complete I will be mortgage free, or will they go worse case until I sell my house and assume I will have two propertiesd to fund?

p.s. Anybody want to help me get a mortgage, feel free to email me

[trooperiziz]

jconsta6 said:

As already stated you can have more than one mortgage at once.

I did this so as to snap up a bargain and to also make my house effectively vacant possesion. I did it when I had a sale agreed.

It dropped out and it took me 6 months to get another buyer at a lower price. Ended up having mearly 600k worth of mortgage running for 5 months longer than I'd anticpated.

Just saying, if you commit to the mortgage and complete without your house being sold, just be prepared for the worst case of your buyer dropping out.

It hurts.... a lot.

JC

Aye, I could cover the cost of both mortgages if necessary, but it certianly wouldn't be comfortable during that period!