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Moving home problem
flash_cash
Posts: 20 Forumite
I currently have a mortgage that I am going to port to my new home, everything is good to go and we are looking to exchange contracts this week. Problem, my onward purchase is not ready (it still might be OK but I'm starting to worry). To get my sale to go through I am looking to separate out the sale and purchase, and can move out for a week or two until my purchase is ready. The question I have...... will the lender be satisfied with this scenario or am I going to have to go through the whole mortgage process again - possibly losing the house I want to buy?
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Comments
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It depends on your lender as to how they would handle this scenario with a port.
Some will not charge the redemption penalty if there is a small gap between selling and buying. Some will charge then refund. Some won't like it.
Ask your lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Understood. What if the exchange on my purchase is done on or before completion of my sale?0
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Depends on your lenderI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Who is your lender?0
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Some solicitors will ask you to sign a disclaimer - they don't like you unpicking sale & purchases for some reason!0
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I did this with a gap of 5 weeks between sale and purchase. My lender allowed a gap of several months to port my mortgage (90 days). This was C&G now lloyds0
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Depends on your lenderI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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