Good HSBC mortgage - can I take with me if not buying immediately?

rj1000

Hi all,

First post so please be nice!

Sorry if something along these lines has been posted before but I couldn't trace anything.

My good lady and I are seeling our flat and looking to buy a house. We currently have a mortgage with HSBC which tracks at 0.5% above base rate until the mortgage has been repaid. We don't want to lose this deal at the moment so we were going to move this onto our new house and get another mortgage with them for the balance we want to borrow (think it's about 4% and they'll need a 25% deposit).

My query is whether I would be able to keep the current tracker deal i've got if I don't immediately buy a new place after we've sold ours. We don't want to lose our buyer and were thinking of moving in with the in-laws for a couple of months until we find a place. I know i'll need to check with HSBC as to whether this can be done, but would be interested to hear if anyone else has done this before.

Thanks

nw_man

I think the short answer is no.

They wont have any security, cannot see them allowing it.

Sorry.

beecher

I've read on here about some lenders allowing 6 months in between selling up and buying a new place but I can't remember who that was through.

_Andy_

I know HSBC will refund ERCs if you get a new place within six months but unsure if they will port if there's a gap. If the OP gives the mortgage service centre a call they will find out in a minute.

TEDDYRUKSPIN

Short answer is NO. They will not allow the six months as mentioned above. This only applies to people who use to have bridging loans. This stopped way back in 2007.

Therefore, if you sell! You lose the tracker! No ERC as it is a tracker.

Margin_Walker

TEDDYRUKSPIN wrote: »

Short answer is NO. They will not allow the six months as mentioned above. This only applies to people who use to have bridging loans. This stopped way back in 2007.

Therefore, if you sell! You lose the tracker! No ERC as it is a tracker.

They were still allowing the 6 month gap in mid 2008 when I left. No bridging loan was needed. Not sure if it has been changed since, especially on a tracker, but it is definately worth calling to find out. 08457 662255