Mortgage question - Selling and then buying again

redzak

HI

I have a mortgage with Nationwide.

I am looking to sell my flat nad buy a house instead. I was wondering whether I could sell the flat and then continue to look for a flat, whilst maintaining the mortgage rate I have, or am i likely to lose the rate I have if I am unable to join a 'chain' and have a house to immediatley buy? Id prefer to sell my glat first as that obviously makes me a more credible and hopefully quicker buyer, but not sure the Nationwide will see it that way

Hope that makes sense.

All help appreciated.

Regards

dwsjarcmcd

It is possible but depends on the product you have and the time you take to buy your house and how much you want to borrow for your new place.

If you are on their SVR, I suspect it's not possible but if you have a fixed rate for example where you need to pay redemption charges and the mortgage is portable, Nationwide may allow you some time - typically 6 months - to buy your new property and use the remaining term of your loan to fund, or partially fund the purchase.

If it all works (you will need to pay them any redemption charges back first and qualify for your new loan) they will repay your charges and use the existing product. If you need additional funds for the purchase, this will need to be on a seperate product and could come with fees.

Check with the Nationwide.

getmore4less

Check with Nationwide and your T&C's on the portability of the mortgage.

Most lenders do allow a gap but this will be in months(6 is common) not years.

The other issue you have is will this deal be portable this will depend on the total level of new borrowings.

Also note that portng this deal will only apply to the existing borrowing and top up lending will be on curent nationwide deals.

tyllwyd

Check with Nationwide - for the long term fixed rate mortgage that I have, they told me that I could sell my house, and as long as I bought during the following six months I could go back on to the mortgage deal.

Another thing to think about is where you will live if your buyers want to complete on your flat but you don't have anywhere to move to? If you are thinking about renting in the meantime, that would probably mean a minumum 6 month tenancy.