Completion at different times

gazza007

Bare with me on this.
My friend & Girlfriend are selling the house that they own to buy their own properties. Still as a couple but not living in the house together, he is with his parents but pays half the mortgage.
They have sold the house STC & found properties of their own.
My friend is porting the current mortgage from YBS to his name alone & borrowing a bit more on another product to allow him to buy his new house.
His GF is taking her portion of the equity, a cash injection from her folks & a new mortgage from YBS. Her purchase doesn't involve a chain but his seller hasn't found a property yet. As he is living at his parents can he allow his sale to complete to allow his GF to move. Will the YBS put the ported mortgage on hold and just pay the monthly repayment unil his own purchase completes or does it have to be secured on his new property. He has had a few problems & is keen to release his interest from his current property.
Any advice appreciated.

silvercar

The easiest way to find out is to phone YBS and ask them. I know from the Coventry that if you are porting the mortgage over you can redeem your old mortgage and take up the new mortgage within 6 months of the completion date. YBS may be the same.

You don't actually make payments ( or have a mortgage) during the time when you aren't owning a property. You redeem one first, on the completion day of your sale, then start the new mortgage (effectively the ported old mortgage) on the completion day of your purchase. If you have redemption penalties, Coventry charge them on the completion of your sale and refund them on the completion of your purchase unless there is less than 2 weeks between the two in which case you are not charged.

Hope that all makes sense.

gazza007

Thanks Silver,
He will probably do that, he was just waiting for the formal offer as the valuation is OK etc. One of the reason's he wanted to port was to save the redemption fees + the product is good.