I haven't actually gotten official letter of offer yet (still waiting on that) and while I could hang on to my old one temporarily until after I move, my solicitor has pointed out that I shouldn't enter into contracts on the house I want to buy in case mortgage is conditional on PPR sale.Would you be able to service two mortgages at the same time? Where exactly is the PPR sale condition in any agreement with the lender?
OK, so is it that they're more concerned re income to support both mortgages, rather than whether or not you have funds to complete remainder of the purchase? I would be able to support two mortgages temporarily, it's more of a timing issue trying to line dates up to co-ordinate.Very standard especially if you told them you were selling it, could be changed but would be dependant on whether or not you have sufficient income to support both mortgages, if not then unlikely to be removed as a condition.
Normally the solicitor when requesting the funds drawdown on new mortgage will have to confirm that contract for sale of existing house is signed.
Does any lender currently offer mortgages on those terms?OR conditional of sale of the PPR within X timeframe?
I don't know about currently - but EBS did up in 2021. But I wasn't relying on sale of the other property to fund the 20% trading up deposit. I was taking out a new mortgage and had the deposit funds available. The first mortgage was also with EBS.Does any lender currently offer mortgages on those terms?
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