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Help! Selling second home
Kaz1000
Posts: 26 Forumite
I'm looking for advice on a very important situation that has arisen.
We have a property (A) that will be become our second property once we move to another property (B) by end of this month. Property B will become our main residence.
We took a mortgage out for property B with the same lender that we have our mortgage with on Property A (40% currently outstanding with the lender).
We have lost our baby (miscarriage at 5 months) and want to try again but problem is I will need to give up my job due to health conditions/long working hours to ensure the next pregnancy survives.
Our concern is that we have got an offer on our second property and would like to sell it but when we took the loan on property B, we did not intend to sell it in the short term. Now we are worried the sale of Property B will be within 2 weeks of Property A purchase and the lender will take offense.
This was not a bridging loan as we wanted to keep the second property but things have changed in the last few weeks.
Any advice on how to handle it with the lender? Are we allowed to pay our lender off the 45% of their share on property B on sale or will they force us to keep the property?
We have a property (A) that will be become our second property once we move to another property (B) by end of this month. Property B will become our main residence.
We took a mortgage out for property B with the same lender that we have our mortgage with on Property A (40% currently outstanding with the lender).
We have lost our baby (miscarriage at 5 months) and want to try again but problem is I will need to give up my job due to health conditions/long working hours to ensure the next pregnancy survives.
Our concern is that we have got an offer on our second property and would like to sell it but when we took the loan on property B, we did not intend to sell it in the short term. Now we are worried the sale of Property B will be within 2 weeks of Property A purchase and the lender will take offense.
This was not a bridging loan as we wanted to keep the second property but things have changed in the last few weeks.
Any advice on how to handle it with the lender? Are we allowed to pay our lender off the 45% of their share on property B on sale or will they force us to keep the property?
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Comments
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Correction- I mean Are we allowed to pay our lender off the 45% of their share on property A on sale or will they force us to keep the property?0
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You always have the option to pay off a mortgage, sometimes there is a penalty to pay (Early repayment charge)I am not a cat (But my friend is)2
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No, the lender won't "take offence" or "force you" to pull out of a sale... You simply repay what you owe them.
You may have early redemption charges for the mortgages, or you may not. They will be detailed in the mortgage paperwork.1 -
Thank you for the replies. Do we need to tell our lender about the property A sale and ask for the outstanding balance plus redemption charges or will our solicitor obtain this information directly from our lender?
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Your solicitor deals with that. It's a standard part of their work in a sale.Kaz1000 said:Do we need to tell our lender about the property A sale and ask for the outstanding balance plus redemption charges or will our solicitor obtain this information directly from our lender?
Obviously, if you've no idea what any early redemption charges might be, you might want to figure that out first so you can budget accordingly.1
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