We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Question for a mortgage advisor
jackie_w
Posts: 1,077 Forumite
HI There,
Hubbie and I went to see a house we are thinking of buying. Its being built just now, and wont be ready until September.
We are currently with Alliance & Leicester, and we have checked about and it looks like they will be the best for our new mortgage.
We are tied in with A&L until 2010 and they have told us we can take our existing mortgage with us.
If we sell our house, and the new owners move in long before September what happens with the mortgage?
I really dont want to have to pay any redemption fees or anything, if we are going to be taking our new mortgage with them!!!
Any advice would be grateful.
Hubbie and I went to see a house we are thinking of buying. Its being built just now, and wont be ready until September.
We are currently with Alliance & Leicester, and we have checked about and it looks like they will be the best for our new mortgage.
We are tied in with A&L until 2010 and they have told us we can take our existing mortgage with us.
If we sell our house, and the new owners move in long before September what happens with the mortgage?
I really dont want to have to pay any redemption fees or anything, if we are going to be taking our new mortgage with them!!!
Any advice would be grateful.
0
Comments
-
Not a mortgage advisor, but I have in the past asked a mortgage company very nicely for a bit of time and been given 90 days between sale of house and completion on a new house.
They don't have to do that though, and are well within their rights to refuse as not having a mortgage definately counts as redeeming it!
Where are you going to move to in the meantime
Everything that is supposed to be in heaven is already here on earth.
0 -
Ask A&L what their terms & conditions for taking the mortgage with you are.
We are with YBS, and sold and moved into rented, and are now buying again. So long as we bought again within 6 months, or before the end of the fixed rate period (that's the bit they forgot to tell us :rolleyes: ) then we will get the early repayment charges refunded. I expect that A&L have a similar arrangement. So if you sell your house now, given that it takes about 3 months on average, you should be OK if the new build completes in Sept. But beware, new build timetables often slip so I would try to make the projected period between as short as possible. I assume that you plan to rent in the meantime? Of course, you could always try to tie up your sale and purchase to avoid the need to move twice?Don't see the point anymore in offering advice to people who only want to be agreed with...0 -
Doozergirl wrote:Not a mortgage advisor, but I have in the past asked a mortgage company very nicely for a bit of time and been given 90 days between sale of house and completion on a new house.
They don't have to do that though, and are well within their rights to refuse as not having a mortgage definately counts as redeeming it!
Where are you going to move to in the meantime
Hi,
We were going to be moving in with hubbies parents until new house was ready.
Jackie xx0 -
see my reply on the mortgages forum thread0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards