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Mortgage query please!

1 reply

Mortgagequestionshelp · 08/12/2020 09:45

We are lucky to have around 50% equity in house. Have just seen a dream house for a lower value. With the current market, viewings only going for those who have sold etc.

I wondered if we can take a second mortgage (I think affordability calculator would allow us to) whilst we are in process of selling our house so as not to miss out?

Does that make sense? Obviously can ask bank but Mumsnet my go to for quick answers ;-)

OP posts:
FraughtwithGin · 08/12/2020 10:08

In the olden days (think 40 or so years ago) it was quite normal to buy a new house before you had sold your old house. At that time there was something called a bridging loan which covered the period where you had 2 mortgages on the go.
However, things seem to have changed a great deal since then. You should have this discussion with your bank or mortgage lender.

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