Re mortgage question.

tommie1shunt

Just about to go thru with a re mortgage, it is for around 50% of the house value. We are hoping to sell the property in the next 12 months and have an interested party who might want to buy it early next year.
My question is can the re mortgage company interfere with the sale of the property?
We know it is a bit late to ask the question but we have only just thought of it.
Have tried Google, but all we seem to get are adverts!!!
Your help appreciated.

GMS

You can sell at any time but you need to be careful of the mortgage. If you know you are going to sell then dont go for a mortgage with a penalty for repaying early.

Is it worth remortgaging at all if you are looking to sell soon? Check out the fees. Arrangement fee, valuation fee, legal fees, exit fees etc.

Will you save any money by changing?

tommie1shunt

We have costed the fees, we know what they are, saw something on HUTH about house sold in the last six months, mortgage companies refuse to mortgage them.

ScotlandM

If a house is bought with a mortgage and then sold within 6 months the second sale won't be able to recieve a mortgage.
A house cannot be bought by mortgage twice within a 6 month period. A house can have multiple mortgages (if you pay any ERC due)

Hope your sums are right that it is worth remortgaging even if you're about to sell, also check ERC terms of the new mortgage.
Have a happy house sale

kingstreet

SOME (not all) lenders have a rule where they will not accept a new mortgage application on a property which has not been in its current ownership for six months or longer.

It matters not if there is a mortgage on it, or it's unencumbered. It is the time in ownership which matters.

As this is a remortgage, the period of ownership should be a lot longer than six months.

A house can have only one "mortgage", if we use the term to describe a first charge residential loan, rather than the deed connecting the security and the loan. Other secured loans are possible, but these will be on a second charge basis.