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Selling House and Clearing Mortgage
Marcusface
Posts: 5 Forumite
Hello all,
This might well have been a question that has been asked before, but if you sell your house, do you have to clear the mortgage? We might be moving very soon for job relocation, and we would like to avoid the early repayment fee if it is possible.
Thank you!
This might well have been a question that has been asked before, but if you sell your house, do you have to clear the mortgage? We might be moving very soon for job relocation, and we would like to avoid the early repayment fee if it is possible.
Thank you!
0
Comments
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Yes as it is secured on the house.
No house, no mortgage.0 -
Or to put it the other way round.
Mortgage, therefore house.0 -
If you're selling up and buying elsewhere, have you looked at the option of porting your mortgage? You effectively take out another mortgage with the same lender but on the same terms as the old one, and without having to pay the ERC. If you're not purchasing straight away, they sometimes let you have a bit of a gap between the two - upto 6 months I think in some cases.0
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