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Can I sell my house and keep my mortgage whilst I look for a new home?
custardcrumble
Posts: 12 Forumite
Morning moneysavers!
We are currently looking to sell our current home and have been told that it will sell quickly. We have also had to move town at short notice and are currently renting. We want to find the right house to move to but don't want to lose our current mortgage as it's a really good rate.
Is there anyway we can sell our house, keep paying the mortgage and when we eventually find our dream house, transfer the mortgage to that home?
Or does the mortgage end once the current home is sold?
Thanks for any help!
CC
We are currently looking to sell our current home and have been told that it will sell quickly. We have also had to move town at short notice and are currently renting. We want to find the right house to move to but don't want to lose our current mortgage as it's a really good rate.
Is there anyway we can sell our house, keep paying the mortgage and when we eventually find our dream house, transfer the mortgage to that home?
Or does the mortgage end once the current home is sold?
Thanks for any help!
CC
Newbie to comping: fun so far, just waiting for that first win 
0
Comments
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custardcrumble wrote: »Is there anyway we can sell our house, keep paying the mortgage and when we eventually find our dream house, transfer the mortgage to that home?
No - the whole point of a mortgage is that your lender has a security over your house. Your purchasers will need that to be removed at completion (otherwise they might be repossessed by your bank!).
You might be able to "port" your current deal to a new property, depending on the terms of your existing mortgage and how long a gap you have between properties.0 -
In a word no.
The mortgage you have is secured against your current property. You will not be able to sell your house without paying the mortgage off in full.
Your existing mortgage might have some "porting" arrangements in relation to the rate - you will need to check the terms, but unlikely.
However, unless your circumstances have changed, mortgage prices in the UK have never been so cheap and will probably never be this cheap again in our lifetimes!0 -
Thanks both. I guess I'll have a chat and look for another cheap mortgage. My current mortgage reverted to 1% above base rate, so is currently cheaper than most available mortgages I've seen.Newbie to comping: fun so far, just waiting for that first win0
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You may be able to pick the rate up again with your Lender within a certain time period (typically 6 months where this facility is available) when you buy a new property.
Check with 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
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