If I cancel current mortgage when i sell house do i have to wait 6 weeks for new one?

jase888

I have got a house with my brother a few years back and now we are looking to get our own houses with our partners. Our mortgage with santander has an early repayment charge which we are going to pay as the interest rate is 5% on it and still has 3 years to go, so will save money in the long run.

I told Santander that we will be ending it and paying the ERC and they said if we do this we need to wait 4-6 weeks before we could get a new mortgage setup ( or agreement in principle) as it does a credit check and shows we have a mortgage still. Is this correct? Surely it cant be as it must happen often.

The mortgage i will be taking out is still with them so they get an ERC and my business again so its not like they trying to put me off leaving. I understand I could port the mortgage over but we agreed not to as it makes our repayments to high each month.

Anyone with some mortgage knowledge can you let me know what you think, thanks

kingstreet

What you have been told would stop people with Santander mortgages selling and buying and taking out another Santander mortgage when the old one will be repaid.

I can't believe it's correct, but often how a question is asked will determine the response.

jase888

thats what i thought but having only ever bought one house was unsure. They have said I cant really do a lot until I have an offer accepted anyway so will go back to them and clairfy then.

ACG

4-6 weeks?
If it was something in their policy then I would assume it would be a number set in stone.

I would call up and ask someone else.

It does not sound right to me either.