Advice needed - selling and buying

[Lingua]

I would really appreciate some advice here: I am interested in buying a particular house which has been repossessed by the banks. My offer has been accepted, and small mortgage has been approved by current mortgage provider. The mortgage approval is subject to the sale of my own house. As house sales are extremely slow in the area I live (my house is only 5 weeks on the market admittedly but no potential buyers in sight) the idea of renting my house and trying for a second mortgage is very tempting.... . I could cover both mortgages as I have reasonably good income (private sector). My question here is - should I just sit it out and wait for potential buyers to emerge or should I just go for it and apply for a second mortgage which does not depend on the sale of my house?

 

[ryaner]

The big question if would the banks even give you the second mortgage. What you can actually afford and what the banks say you can afford are usually quite different by a large margin. Perhaps give some figures are people can direct you better?

 

[Brendan Burgess]

Perhaps give some figures are people can direct you better?

I agree that you need to provide the figures to get a meaningful answer.

If you own two properties with two mortgages, you are facing dramatically increased risks

• house price falls
• interest rate rises
• rent falls
• tenants not paying

In general, most people have to sell their own house first to buy another. Don't worry too much about losing the house you have gone purchase agreed on. It might still be there when you sell your house. Or if it's gone, another one will come up.

 

[Lingua]

Thanks for the advice! I think I probably knew already what the 'right' answer was, just wanted to hear (or read) it. That is, wait to sell first instead of taking on 2 mortgages.
I must say I found KBC very helpful - though Im not a customer. After taking my details on the phone, was told I could apply for a mortgage But only if I sell my house first.