payment holiday on mortgage and take out another mortgage?

[want2findout]

My husband and I have seen a house we like but are having no luck selling ours. I was just wondering, can we take a payment break on our current mortgage and take out another mortgage to buy new house? or is there any other way around it? Our house is in my husband's name. We sold my house a few months back so have a nice chunk towards a deposit on new house. Husband's had mortgage for 2 years (fixed rate term up any day). In a bit of a dilema now though - arrange payment holiday with current mortgage provider in order to afford mortgage on new house (if this is possible?), re-mortgage in order to get better rate (will we be affected by early repayment charges should we decide to move within the fixed term though?) or carry on as we are with interst rates rising until we sell our house, by which time the house of our dreams may have sold!

Any advice much appreciated. Thanks :-)

[EverClean]

Most lenders will allow you to "port" your current mortgage product. By this it means that you can take your existing mortgage with you to a new property and avoid the early repayment charges.

There are a handful of lenders that will allow you a 2nd residential mortgage but will base their calculations on whether you can afford it on your current mortgage + your proposed mortgage and will not make allowances for your payment holiday.

There is bridging finance where a company will lend you enough to pay for your new property by securing the loan on both properties - but this is usually VERY expensive. The rate will be at leat 1% per month plus arrangement fees and will probably mean you incurring the early repayment charges.

If the charges have a short time to run then a lender like Intelligent Finance will be a good bet as they will allow you to buy one without immediately selling the other, altough there is usually a time stipulation of 6 months.