Can I have two domestic mortgages in theory?

[andorraroxy]

We were in the process of selling our house and buying a new one until our chain broke yesterday and our buyer pulled out. We have a mortgage on our current home and a mortgage agreed on our new home. we really do not want to loose our new home and are looking at ways to continue with the purchase whilst we sell our old home.

The purchase of our new home is not dependent on any equity from our current home, it will be funded by part mortgage and part savings.

What I want to know is, in principle, providing we can afford two mortgages is there anything in the law that prevents us from having two mortgages on two properties in the short term until we sell our old home?

Does anyone know? Or has anyone done something similar?

[dzug]

What you need is a bridging loan.

There is nothing in law to prevent you having two mortgages at once but lenders are generally not keen on it.

[PFA]

DZUG is bang on. A bridging loan is what you might want to consider.

[Oneeyedvic]

I disagree - if you can afford not get a bridging loan, then don't (and this is speaking as someone who offers bridging finance).

Get a second mortgage (just explain the scenario to the lender). I would use a local mortgage broker.