I do not know what to do

manue1970

Hi
I am selling my house to a couple and although they still want it very
much they seems to have problem selling theirs (2 sales did not go
through since February) So instead of leaving at the beginning of July
it will have to be pushed back to god knows when...My mortgage renewal is due at the end of July so I hope they can renew it for few months only... Is this possible?? Or do I need to renew it and pay a massive redemption fee if we go out by the End of August or beginning of September?
Many Thanks
Emmanuelle

manue1970

it says on the letter that if i don't do anything before my current mortgage ends I will be move to a standard variable rate of 4%...and also on my mortgage statement that all redemption fees will end in August (but is it because my mortgage ends in July?)

Yorkie1

Redemption fees are usually payable during the fixed rate period only, if you have a fixed rate.

SVR of 4% is higher than many fixed rate mortgages but if it's only for a couple of months then it may not matter too much.

ethank

Just don't renew and sit of the variable rate, or tell them you are putting back on the market if it is not sold by July unless they agree to pay you the increased mortgage costs. Otherwise try to find another buyer!

Thrugelmir

Time to find another buyer.