Question for a mortgage advisor

jackie_w

Hello There,

Today DH and I went to see a house we are thinking of buying. Its just being built just now, and wont be ready until September.

We are currently with the Alliance & Leicester, and we have shopped around on internet, and it looks as though they will be the best for our new mortgage too. We are tied in with A&L until 2010.

If we sell our existing house, and the new owners want to move in well before September, how will that work with our new mortgage with A&L?

A&L have told us we can take our existing mortgage with us, but, how will this work if we're not moving into our new home until September.

If A&L are going to work out the best for us, I really dont want to pay off existing mortgage, and suffer the redemption fees or what ever they are called, and then go back to them!

Any advice would be grateful.

Jackie xxx

LisaT186

Be careful porting your mortgage with A&L they have a strange set of terms and conditions. Please get anything in writing that they agree to. Don't get me wrong they are a good lender but having worked for them their porting leaves a lot to be desired.

Up until last October when I left you had to apply for the mortgage based on a simultaneous sale and completion (ie same day). Once the offer is out, if you wish to break the chain by moving out you can and you have 3 months to move into your new property. If you sell your own BEFORE the offer on the new one is produced then you won't be allowed to port and if the new house is delayed for longer than 3 months you will also lose the redemptions. As I say beware and get it in writing, I've seen it go wrong for a few and then you get into the complaints procedure to try and get the fees back.