mortgage help please

samuela66

hi, I have my mortgage with Yorkshire and am tied in till 2008, am in the process of selling my house, now I know I have to pay £1000 for leaving my mortgage early, and am thinking of renting for a while until I find the right property, if i opt to stay with Yorkshire when I find new property will they still make me pay the £1000,

thanks

UK007BullDog

If you are renting then you are finishing the mortgage so you have to pay.

After renting you want to buy I would then source the best deal available to your affordability/suitability. Not because you had been with a lender before.

If you return to YBS they will not give you a special deal. They just give you whatever they have.

Check if you could port the mortgage to a new property? Did you speak to them about it? But you would not be able to rent but would have to buy a new property.

benood

I had this situation a few years ago with a different lender, we had to pay an early repayment fee and moved into rented, however, because we took out a new product with the same BS subsequently they refunded us the penalty fee.

Have a chat with the Yorkshire BS - they may do you a deal even if it's not explicitly in the mortgage terms.