How to keep my mortgage

leereni

House is about to go on the market and we have found another one to buy, however is won't be built until late this year. We were intending on getting out of the chain and renting in the meantime. My question is, will I be able to still port the mortgage, despite the gap from selling my home and moving into the new one?

Thanks

somethingcorporate

Depends on the lender - it used to be quite common but is much rarer nowadays. When we took our first mortgage with the Skipton BS 7 years ago we had the option of 6 months between buying and selling before getting hit with the ERC. We are with the Nationwide now that allow no time between houses without triggering this.

Have you read your mortgage paperwork or called your lender? Only they can tell you for sure.

leereni

I'm with nationwide. Was planning on calling them tomorrow. I'd like to get a new product, but the ERC would be approx £9000

somethingcorporate

My ERC is of a similar amount so it killed that idea stone dead for us when we thought about moving a few months back. If you are dead set on the house see if you can negotiate a substantial chunk off the house to buy or see if there is the possibility of you buying and selling at the same time.

Thrugelmir

leereni wrote: »

I'm with nationwide. Was planning on calling them tomorrow. I'd like to get a new product, but the ERC would be approx £9000

Why not hold back on selling for a while. Out of a chain yes. Tied into a rental contract potentially.

Does the developer offer part exchange.

leereni

The house I'm moving is a new build and the difference between my house and the new build won't be enough. Problem is we really like this house, it's ideal location, good price and the particular one they are offering has a great view.

leereni

We are happy to rent wherever, so should find a short rent term very possible.

Thrugelmir

leereni wrote: »

, so should find a short rent term very possible.

LL's aren't so keen on short term rentals. You maybe tied into a contract.

Ma77hew

We went traveling for 5 months and sold our house before we went, at that point we had to pay the ERC, it was refunded when we purchased a new house and ported the old mortgage to it.

That was with Chelsea.

kingstreet

As sc said above.

A Nationwide port requires simultaneous sale and purchase completions. There can't be a gap between the two.