New mortgage minimum period

moneysavingexpertusername

I own my own house and want to take out a mortgage for about 50% of the value of a new house, to be repaid when I can sell my existing house (I need to move now and don't want to wait any longer).

I've been told by a mortgage broker that I can get a mortgage based on my income, working tax credit and widowed parents allowance, but that it would have to be held for a minimum of two years, irrespective of how soon I sold my present house. Is this correct? If not, which lenders would give a mortgage to be repaid as soon as the house is sold without an early repayment fee? If the house doesn't sell soon I may rent it out until the market improves.

Thanks,
Michelle

MarieAAP

If u find one, let us know

getmore4less

offsets will do the job.

ginvzt

Are banks still doing basic variable rate mortgages (no fixed period)? I remember we were offered this when we were looking for a mortgage few years ago, but with all the stuff going on in the economy, they might not be available anymore.