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selling, going to rental... what can I do with my mortgage?
sswinner
Posts: 11 Forumite
My house is under offer and I have been actively trying to find a new property for some time.
It's come to the point where unless I move, I am going to lose the sale, which I am not keen to do.
Therefore, I have decided to rent for 6/12 months until the right place comes along.
I spoke to my mortgage company yesterday (Santander) to find out what my options are, assuming that I can somehow put my mortgage on hold.
Unfortunately, it seems that I would need to find another property within 90 days or I would need to redeem my mortgage. As it's a fixed deal until April 2012, I would need to pay a redemption fee of £6500.
Does anybody know of any possible way of getting around this please? I am all out of options, but thought I would check
cheers
It's come to the point where unless I move, I am going to lose the sale, which I am not keen to do.
Therefore, I have decided to rent for 6/12 months until the right place comes along.
I spoke to my mortgage company yesterday (Santander) to find out what my options are, assuming that I can somehow put my mortgage on hold.
Unfortunately, it seems that I would need to find another property within 90 days or I would need to redeem my mortgage. As it's a fixed deal until April 2012, I would need to pay a redemption fee of £6500.
Does anybody know of any possible way of getting around this please? I am all out of options, but thought I would check
cheers
0
Comments
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Nothing to suggest, I'm afraid.
If you are selling, the mortgage will be repaid at completion from the proceeds and any penalties payable will be added to the redemption figure, unless you are moving to a new property.
As they have said, they will give you a short window to find somewhere which would then result in the penalty being refunded to you.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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