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Porting & Newbuild

taylor86 · 2019-11-24 16:49:02

Hi all, I am currently not far into a 5 year fix mortgage with a redemption fee of 5%, around 6.5k. Circumstances have adjusted and we are now considering a new build for various reasons. I am with Halifax and my paperwork tells me I can port my mortgage however if I don’t complete the sale and purchase simultaneously I…

Comments

GDB2222 Posts: 26,469 Forumite

25 November 2019 at 7:13PM

taylor86 wrote: »

Thanks for your comment. From looking around at different sites it seems that a 6 month gap from exchange to completion is quite standard when buying a new build. All the sites we’ve been to are selling well and releasing plots far in advance.

I’ll have to speak to a mortgage advisor I think and get some clarity.

I think you've just effectively ruled out a new-build. Even if the expected completion date were only 2 months, that wouldn't be guaranteed. So, you'd be at risk of losing the ERC.

Can you not find a secondhand house that you can complete on at the same time you sell your current house?

No reliance should be placed on the above! Absolutely none, do you hear?
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