A way you may be able to it would be to either get a consent to let on your current mortgage (although the lender won’t let you change the mortgage to an interest only mortgage) or remortgage your current place on a let to buy mortgage (essentially a buy to let) which would then take that...
The applicant would have to let the lender know he or she isn’t selling their property in advance. The lender will then base their affordability on what is happening to the existing house (I.e. rented and the mortgage either being changed to a buy to let or the applicant getting a consent to let...
Sorry but it’s not a small infraction as it couldn’t happen as the acting solicitor would have a duty to repay the existing mortgage and therefore would not allow completion to take place. There the terms and conditions of the onward mortgage won’t have been met! The only way he can do this is...
If you tell the mortgage lender that you are buying without selling they base their lending on your affordability to service both mortgages.
The acting solicitor will make sure that you will be redeeming your current mortgage and will report back to the lender if you decided not to sell. The...