Hi all,
Quick one - we own a flat on a good mortgage rate and are keen to move. We've found the house we want and have had an offer accepted. We've also found a mortgage lender who may lend on the house for us, in the knowledge that we own the flat, and are comfortable that we can afford both whilst we wait for the flat to sell.
The flat is banked by HSBC and we have anywhere between 15%-26% equity in it depending on who's valuation you believe.
My question is, do we need to tell HSBC about us taking out another mortgage (albeit another provider on a different property)? i can't see anything in the small print of the mortgage paperwork, but you just never know!
The flat is up for sale and if we can shift it at an acceptable loss we will look to rent - obviously requesting HSBC's permission first.
I suppose if they knew about the other mortgage they can alsways ask to repay as our financial outgoings have changed and they may deem we can't afford the mortgage anymore. But practically, what do you think would be a likely reaction (I realise - no such thing when it comes to banks!) and should we tell them ahead of applying for the other mortgage, even though they may kibosh our moving plans?
All thoughts welcome!
Quick one - we own a flat on a good mortgage rate and are keen to move. We've found the house we want and have had an offer accepted. We've also found a mortgage lender who may lend on the house for us, in the knowledge that we own the flat, and are comfortable that we can afford both whilst we wait for the flat to sell.
The flat is banked by HSBC and we have anywhere between 15%-26% equity in it depending on who's valuation you believe.
My question is, do we need to tell HSBC about us taking out another mortgage (albeit another provider on a different property)? i can't see anything in the small print of the mortgage paperwork, but you just never know!
The flat is up for sale and if we can shift it at an acceptable loss we will look to rent - obviously requesting HSBC's permission first.
I suppose if they knew about the other mortgage they can alsways ask to repay as our financial outgoings have changed and they may deem we can't afford the mortgage anymore. But practically, what do you think would be a likely reaction (I realise - no such thing when it comes to banks!) and should we tell them ahead of applying for the other mortgage, even though they may kibosh our moving plans?
All thoughts welcome!