2nd time buyer, property already sold

jayjay2010

I would like to know, what are the requirements needed for a mortgage approval for a second time buyer, if my current house is sold and I have the cash in my bank account.

Or if my house isnt sold and I want to seek approval, and I have a buyer lined up, will the bank entertain me or will they want me to sell my current home before seeking approval in principle?

I'm in a situation where I have a guaranteed buyer, but I dont know if I should sell, get new approval and then house hunt or should I get approval now while I still own the property?

I know that technically I will be in a chain but the buyer of my property is guaranteed.

Any ideas?

tradesman

There is no such thing as a guaranteed buyer. Until the day contracts are exchanged your house is not sold. Anything can & does happen. Tread carefully

TRS30

jayjay2010 wrote: »

I would like to know, what are the requirements needed for a mortgage approval for a second time buyer, if my current house is sold and I have the cash in my bank account.

Or if my house isnt sold and I want to seek approval, and I have a buyer lined up, will the bank entertain me or will they want me to sell my current home before seeking approval in principle?

I'm in a situation where I have a guaranteed buyer, but I dont know if I should sell, get new approval and then house hunt or should I get approval now while I still own the property?

I know that technically I will be in a chain but the buyer of my property is guaranteed.

Any ideas?

It would normally be a condition of the loan offer than the existing property is sold and any outstanding mortgage is clear prior to drawdown of new mortgage.

BBMcQ

Property ain't sold until the keys are handed over!