Sold our house but cant find what we are looking for!!!

COHUBS

Good morning,

Just looking for a bit of advice - I have never sold a home before so im new to all this. We have sold our house but havent managed to find the perfect next house for us yet. We have a mortgage with Natwest that is due to come out of its fixed term in December this year and is fully portable to the next property. As we havent found what we want yet what will happen to the mortgage? can we freeze it for a couple of months until we find what we are looking for or do we have to have our next home in place to swap it straight over too? We want to avoid having to pay any penalties as we only have such a short amount of time left on it till it expires.

Thanks for any advice offered

bryanb

The way to find out for sure is to ask Natwest in writing, and keep the reply.

Robert_Sterling_3

Have you actually exchanged contacts yet?

rach29

This happened to my ex when we split. The mortgage as repaid when the sale went through & they held it for 3 months whilst he found a new property. As advised above though I would get confirmation in writing though. IIRC they took the early repayment and then repaid it when the new property was completed, so you may need to allow for this when you budget your move.

Richard_Webster

If they do agree to repay the penalty it will generally be after completion of the later purchase. This means that on completion OP won't have that money to go towards the purchase, so will need to find it from somewhere.