house

talullah

Ok I hope im in the right place here, but I have a bit of a curious question.....

I was wondering if it is possible or legal even to buy a house by taking out two mortgages at the same time in order to cover the whole cost of the house?? I no the banks wouldn't really be into the whole thing but would it be possible to it without either bank knowing??

My partner and I are 'casually' house hunting (we're just sitting back waiting on a good deal to come up, renting in the mean time) and not that we are going to try buying this way but I was just wondering if it can or has been done. Sorry if it's a silly question but as i said, curious!!!;)

smelltheglove

I dont think it is allowed. I am sure it will be in the terms and conditions of the mortgages, also you need to declare that all information you have provided to be accurate and correct and if found out by either bank that you are double dealing you could end up loosing your house.

jor el

When they do a credit check, they'd see you already have a mortgage, and be not too happy about you lying to them. Why on earth would you want to do this anyway?

dudara

Moved to Banking & Insurance & Pensions

dudara

Jet Black

No the bank will look for the value of the property, so if the house was worth 200k and you were only looking for 90k they will want to know where the rest of the money is coming from.

homer911

Even if they did none of the above, once the 2nd bank tried to register the mortgage, their solicitor would see its already the subject of another mortgage