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Porting and breaking the chain
jojo9239
Posts: 322 Forumite
Can you port your mortgage and break the chain? Just asking for a friend
0
Comments
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When porting, most lenders allow a small gap between selling (i.e. repaying the first mortgage) and buying (i.e. taking out the second mortgage).
It's often 3 months.
But obviously it's risky. Purchases can get delayed or fall through - so you unexpectedly end up losing the mortgage deal, and paying early redemption fees.0 -
... and perhaps more importantly, your friend has the hassle of moving home twice, perhaps storing furniture, etc Does your friend have a temporary place to live in mind?
Will they be paying rent? That could be a bigger expense.0 -
I recently asked my lender this (Nationwide). With them you have to pay the ERC, then they refund it if you take up the mortgage again. I haven't asked them yet how long the gap can be.Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.0
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