selling and getting a new mortgage

[avs]

Hi guys, myself and my boyfriend have decided to sell our home with the hope of buying a house that is cheaper and in need of renovating. We bought this house on the Shared Ownership scheme and we can sell its no problem but we want to know can we get a lesser mortgage for the new prop with this mortgae still standing. Iknow its complicated but we want to sell ASAp and we have seen a prop at the right price for us to buy, Any advice please ??

 

[mf1]

Its not complicated. Its simple maths. If you have X amount of debt will someone allow you to borrow Y on top of it?

It is very unlikely that any lender will lend you any money until the shared ownership debt is clear. You can ask them if they would but I doubt it in today's market.

Sell the house before you consider buying anywhere else. There is no reason why you can't try and see how much a bank would lend you once you are debt free again.

mf