FTB in chain or not?

save_me_money_2

Hi i was a first time buyer and purchased a nice house for a good price.....a year later i decide i want to move as my house value is worth more now i have totally refurbished it:T i have seen a few properties that i am interested in.

My question is that,if i put my property on the market and if i sold it could i move in with parents until i find/choose a new place?

I am only a year into my mortgage with RBS,would they allow the above if i continued to pay the mortgage,or would i have to find my next house first and be in a chain:jcheers ,Save me money xx

missile

save_me_money wrote: »

I am only a year into my mortgage with RBS,would they allow the above if i continued to pay the mortgage,

You have to redeem the moertgage when you sell.

david29dpo

Of course you can sell your house and move back in with your parents but you will have to pay back (redeem) the loan with RBS. You cant have a mortgage without a house! You may be able to port the mortgage to your new house within a certain time (maybe 6 months)

sarah_elton

If you don't mind living at home for a bit, I would definitely recommend selling and then buying chain-free. Firstly, it puts you in a great negotiating position and secondly it makes the buying process much less stressful.

The only reason to do it as a chain would be if you have a particularly great rate on your mortgage that is no longer available to new applicants, and they'll let you port it to the next property.

save_me_money_2

No i dont have the best rate i could do better.

I think they charge me if i want to pay the mortgage of in the first 2 years,£2000 i will need to check my paperwork

Do i have to pay back all the interest on the full term of the mortgage or do they calculate it at the date i sell my house?

thanks:T

Hopejack

From what I can remember, when we paid off our mortgage early they calculated the interest up to the date we redeemed it - it was a daily rate we were paying.

Would it not be worth staying put so you don't have to pay the £2k for the time being?

save_me_money_2

if the property i am buying is same price as i sell mine for wouldnt i be able to keep my same mortgage and just move house :ji dont really want to wait 2years and not too worried about the 2k IF RBS charge me

david29dpo

As i have said (but ignored) you may be able to port you loan. Ask RBS.

save_me_money_2

i'm sorry david29dpo i wasn't ignoring you ,i am just learning all the property stuff and will take your advice and check with RBS,MANY THANKS:T:T