Porting mortgage after selling before new property has been found?

saint_david

Long story short: My wife and I had our own properties before we got together, we met, got married and moved into her house and rented out mine. We're now close to selling mine and want to port the mortgage from it to a new property we want to move into and then rent out hers. Only problem is - we haven't yet found a house we want to buy yet. Are we still able to keep the mortgage and port it over even though we've not yet found a property we want to move in to? Hope this makes sense.

Thrugelmir

Lenders apply time limits of varying degrees. Suggest you ring your lender to ascertain their current policy.

Yorkie1

It will depend on the particular T&Cs of your mortgage. I think there may be a couple of lenders who allow you a number of months (3 or 6) but most insist that the porting happens at the time of the sale.

amnblog

Lenders have a window in which you can complete the new purchase and port the existing mortgage. This can vary but can be up to 6 months.

If you need to pay an early redemption penalty they sometimes charge this, then refund it if you put the mortgage product back on a new purchase within 6 months.

Get the full facts from your Lender so you know exactly how long you have.

kingstreet

Many lender only allow a port when sale and purchase are simultaneous. You'd need to speak to your lender if the transactions may have a break inbetween.