Stupid question - relocation

koonster47

Hi guys, new to this board, hoping you can help me.

I'm think of relocating to Devon but being able to find a job and tie this into selling and buying a new home is going to be tricky.

Ideally I would like to sell my house, move to rented accomadation and then buy a new house once a job had been secured.

My only issue with this is money. I can't afford to pay a mortgage and fork out rent at the same time, which leads me to my question.

How do mortgages work? If i sell one house and ann don't buy another for a couple of months do I still pay the mortgage or is this repayed? If it's repayed then will I suffer early repayment fees?

Help?

koexelek

koonster47 wrote: »

How do mortgages work? If i sell one house and ann don't buy another for a couple of months do I still pay the mortgage or is this repayed? If it's repayed then will I suffer early repayment fees?

Help?

you don't make any mortgage payments but you will have to repay the redemption penalty in full on your current mortgage ( if there is one)

with a lot of lenders, if you buy again with 3 to 6 months, they will reimburse the penalty back to you, as long as you continue on the deal you were on.

Best to speak to your lender direct to see how you stand though

koonster47

Nice one, thanks for your advice.

If any one else has done this or has further advice it would be much apreciated.

Cheers,