One for the mortgage advisors....

taylor86

Me, hubby own a small 2 bed property with a mortgage, we tried to sell for over a year and had lots of viewings but no offers. We couldn't reduce it as didn't have enough equity to take as deposit for new house. We gave up waiting and decided to rent the property out and found somewhere to rent ourselves. Since this happened we have been given a lump sum from a family member to help us. The old property is currently empty but on a fixed mortgage with halifax with 2 years remaining. We are very tempted to reduce the property, get rid and move on. The only thing holding us back is that I am currently on a career break so mortgage based on my husbands income only is not enough. We are not sure where to god rom here? Continue renting as planned? Me get a job so we have 2 incomes for mortgages purposes? How long after do we have between selling and buying before we have to pay the redemption fee?

kingstreet

You pay any early redemption penalty from the sale proceeds to enable completion to take place.

Some lenders require a concurrent purchase to avoid this. Others will give you a short period in which to find another property, perhaps three months and provided you complete a new mortgage within that time some or all of the penalty you've paid may be refunded.

You need to ask your lender for its policy.