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The porting process
pottski
Posts: 66 Forumite
Hi guys,
My Mortgage is portable but I have a couple of questions I hope you can answer before I call the lender later today.
If I sell my property, Is there a set amount of time I have to find a new property by? At the moment I am looking to sell and buy in around 6 months time. My initial thought is that upon selling, you need to have a new property found fairly shortly after?
If anybody can clarify this, I would appreciate it.
My Mortgage is portable but I have a couple of questions I hope you can answer before I call the lender later today.
If I sell my property, Is there a set amount of time I have to find a new property by? At the moment I am looking to sell and buy in around 6 months time. My initial thought is that upon selling, you need to have a new property found fairly shortly after?
If anybody can clarify this, I would appreciate it.
0
Comments
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You'll have to speak to your lender. The porting process is normally used when you're selling and buying at the same time.
With a break inbetween, I'd expect you to have to pay the penalties, lose the deal and start again, unless it was within a very short timeframe of perhaps 1-3 months.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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