Redemption fee and moetgage

nibble1981

Hey,
We are in the process of selling and buying, we have a new mortgage set up on our new property with a new lender but our current mortgage doesn't finish till 30th november, if we move before this time we will incurr a huge fee nearly £3500, so can we move from our property so the buyers can move in peomptly but still pay mortgage up till 30th then finish that and exchange on our new property? or any other ideas on how we can delay this all happening until our mortgage finishes?
Thank you

Thrugelmir

Set the completion date after the 30th November. Alternatively put your belongings in storage and make do for a few weeks.

ACG

You cant do what your suggesting as your mortgage has to be secured against the property. It can only be secured against the property if you own it.

Otherwise you would have a mortgage secured against it and so would person your selling to potentially.

But in short the answer is no it cant be done.

Set completion as the following day and you will be fine. Explain tot he vendors why and they will hopefully be ok with it. If not, ask them to increase their price by £3k to cover the ERC.