Possibilities if house sells before end of mortgate tie-ind - bridging loan maybe?

stormCat99

Thanks for all the useful replies. We do fully intend to hang on until after 1st July if possible, BUT we need to know where we stand if we ended up in a position where we HAD to complete by 1st July or lose a buyer. Just trying to be prepared really.

Early redemption fee is nearly £4k, and I can't imagine us completing much more that 4-6 weeks before 1st July, so based on LloydsTSB it would be cheaper to go with a bridging loan.

plane_boy2000 - I'm not quite sure what you mean? Obviously when we sell our existing mortgage will be paid off through the sale, I don't really see what you're getting at?

sarkin - fully understand that and we weren't expecting to retain the same rate - wouldn't that be good!! But still don't see why they cannot lend us the extra.

Been ill in bed last few days so still not rung lender back, but will let you know how I get on when I do. Thanks again for all your help.

MarkyMarkD

boots_babe wrote:

Early redemption fee is nearly £4k, and I can't imagine us completing much more that 4-6 weeks before 1st July, so based on LloydsTSB it would be cheaper to go with a bridging loan.

The bridging loan situation is a red herring as the original lender WILL let you port the loan - it's just a stupid member of their staff who doesn't understand your situation.