2 MortgagesTwo mortgages
It would be our best intention to buy the new home without buying the old one, so that we would be free of chains and it would not be necessary to hurry the renovation of the new home to buy it at the same price. After a few month of living in the new home, we would try to move in and then use the proceeds from the sales and refund of postage to renovate the new home.
So far we have not been able to get a definitive response from Nationalwide as to whether they would allow us to do so, as it would mean having 2 mortgages on a temporary basis. And the amount they're willing to loan out for the new home is more than enough, but we didn't get a yes or no confirmation.
We' ve arranged a phone call with a borrower for Friday, but I don't see the point of going over everything if they can't help, I would rather know and not spend it. How I see it, we can afford both mortgages at the same go, but they probably only allow folks to have 1 home mortgages and they have no guarantee that we would be selling our top rent.
Assistance in purchasing Stage 2 - no additional participation conditions or formalities.
Mortgage guarantee system was implemented in October 2013 and is stage 2 of the assistance programme implemented by the State in April 2013. Mortgage guarantee system is much less bureaucratic than Stage 1 and can be used for any kind of ownership. Stage 2 has no such requirement.