Unable to sell- is 2nd mortgage a good option?

[Mr Rud]

Hi,

I recently got a new job (due to start Jan 09) and need to move house (from yorkshire to lancashire)- my partner and I have a mortgage (115k) on the current property (only recently remortgaged so still pretty much the full amount to pay). Ideally we would like to sell our current property and buy a new property in a convenient location near my new work however given the current climate we are unlikely to sell.

As I see it we have 4 options:
1. Sell our current property and buy a property near work
2. Sell our current property and rent a property near work
3. Rent our current property and buy a property near work(2nd mortgage required)
4. Rent our current property and rent a property near work

Given that the first 2 options are unlikely (although there is always the outside chance of selling in the next 2 months I suppose!) we are looking at option 3 & 4. However, renting our current property and buying a new one would require us to get another mortgage and we wouldn't be able to afford a deposit as we're getting married next year.

Initial research has shown that we would probably need to slightly subsidise the rental value to make up the current mortgage payment on our current property. We could afford to do this as we currently have a joint income of around £67k.

I am going to start speaking to a couple of mortgage advisors (whole of market and no fee), however I wanted to get people's initial reaction/feedback if possible. So...

Has anyone got any advice as to what we should/could do?!

or...

Can anyone point us in the direction of some good, sound advice for this particular situation?

I imagine there must be quite a few people in similar situations (i.e. need to move house for work but unable to sell).

Any help gratefully appreciated.

[brian]

Unfortunate to see this - any chance of the employer providing accommodation for the move?

[Scott Butcher]

one idea, ask for a further advance from your current lender, use this for deposit, then ask for consent to let from your current lender and buy a new house with deposit and rent current property until things pick up.

This will allow you to buy low (ie current market value) and sell high (ie current property in future).

May work in theory but in reality it will depend on lots of variables which we currently don't know.

This is not advice, just food for thought.