Options in my situation for getting a mortgage

O

Onthebayou

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Hi folks

My position is that I own a small apartment which myself and partner live in, we are expecting our first child next month, we both work full time, have approx 80000 combined in savings, we have been looking around at different places for a while and have seen a couple that are within our range.

my question is this, is there anyway we could get a new mortgage whilst still owning my apartment, my plan would be to sell this apartment asap but the problem is the timing, ideally we would like to go buy a new house with deposit that we have in savings, move into new home and then sell up my apartment straight away, do i have to have my apartment sold first before banks will consider us for second mortgage? if so our problem is we have nowhere to move to other than taking out a one year rental lease on an apartment, then sell here then buy a new property during the year we are renting, dont really want to uproot family twice and just wondering anyway around that? Also if we do rent in area we want, with rents being so high we will be unable to save and will just be paying rent if banks see that we have stopped saving and are just paying rent will that effect us even though we have the 20% deposit?

Mortgage on apartment remaining is 120000, value is approx 155000, we both earn 42000 each per year, I’m 39, partner is 42 with approx 80000 in savings. Looking at buying house in price range of 325000

Any advice is greatly appreciated

Thank you
 
List the apartment, start looking for a house once you go sale agreed on the apartment you can then commit to buy a house , that's what most people have to do and I can't see you getting a mortgage while holding the apartment unfortunately
 
Buying and selling property is pretty stressful. If I was in your shoes, I would stay put until your bundle of joy arrives safe and sound.

If you list the apartment at a realistic price next year it will sell and then you can commit to a house purchase. It's a bit of a juggling act but it is certainly possible to co-ordinate the sale/purchase of property.
 
I have to agree with @Sarenco about the stress of moving, (even without trying to match a purchase & sale and being pregnant!)

Have a look at these recent thread:
https://www.askaboutmoney.com/threads/move-house-and-keep-both-mortgages-temporarily.209074/

I personally know of a few cases where people sold their apartments to investors, and stayed on as tenants while they bought to reduce the stress. You could talk to an agent about the potential buyers for your apartment and explore something like that.
 
Or equally see if you can buy under a caretakers agreement, ie you get to live in your new house until the paperwork goes through. We bought with a newborn and it was very stressful !! If you have the opportunity to time the sale/purchase while your partner is on ml and can go stay elsewhere for a while that's a good option too. It means just getting you sorted for somewhere to live in the interim. I spent extended time with my parents while my.husband stayed working and organising the renovations we had to do. Not massively ideal spending time apart but we managed it.
 
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