Can't remortgage but want to move

lookingforthelight

Hello,

I am on a fixed deal ending 1st October 2011. The mortgage is not portable.

I need to move (baby on the way) but cannot afford the exit charges.
I am thinking of arranging a remortgage in July and putting house on market at the same.
I'm hoping that by the time the house sells and all the legal work is done it will be after 1st Oct and then I can just move with the new mortgage.

My question is should I be timing the exchange of contracts to be after 1st October or the completion date to be after? Or to rephrase, will my non portable mortgage company allow me to exchange contracts before the fixed deal ends knowing that the completion date WILL be after the fixed deal ends?

Thanks

Thrugelmir

If you are intending to move then you won't be remortgaging. As when you find a property to buy you'll need to obtain a new mortgage on that property. Your old mortgage will be redeemed when the property is sold.

Completion normally takes place a week after exchange. So attempting to plan now for events in a years time is nigh impossible. Better to plan nearer the time when events are real.