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Mortgage options when moving
jimmyca
Posts: 1 Newbie
Hi all
After some advice - we are relocating from our current area as i have a new job.
We are planning to put our current house on the market this week. Have a couple of possibilities for a new house but nothing concrete. As i start work in a month we are hoping for a quick sale and are prepared to live with friends in the new area if house sells so it would be no chain.
Question is what are our options with current mortgage? We are about 6 months into a 2 year fixed (portable) and have been told by mortgage company our only option is to redeem the mortgage and pay the fees (around 5k). But if we buy a new house within 6 months we can reactivate the mortgage (same fixed end date) and get the redemption fees refunded.
Is it that simple? have people done this before? what is the technical term for it as cant seem to find more info on this practice - and finally is that actually our only option?
Thanks
After some advice - we are relocating from our current area as i have a new job.
We are planning to put our current house on the market this week. Have a couple of possibilities for a new house but nothing concrete. As i start work in a month we are hoping for a quick sale and are prepared to live with friends in the new area if house sells so it would be no chain.
Question is what are our options with current mortgage? We are about 6 months into a 2 year fixed (portable) and have been told by mortgage company our only option is to redeem the mortgage and pay the fees (around 5k). But if we buy a new house within 6 months we can reactivate the mortgage (same fixed end date) and get the redemption fees refunded.
Is it that simple? have people done this before? what is the technical term for it as cant seem to find more info on this practice - and finally is that actually our only option?
Thanks
0
Comments
-
well it is a good option, a lot of portable mortgages tend to say you need to complete and start new mortgage on same day0
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