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Nationwide six month rule
SammyS1987
Posts: 222 Forumite
Does anyone know if Nationwide will allow me to buy a property for cash then port an existing mortgage?
An old post on the forum states that Nationwide doesn't apply a six month rule for mortgaging a newly purchased property.
https://forums.moneysavingexpert.com/discussion/3429595/6-month-rule-residential-mortgage
I have spoken to an advisor at Nationwide who said that this would be allowed but he didn't seem overly confident! This is theoratical at the moment - just that once the equity is released from the sale of my existing home I could potentially buy something at auction then port my current deal (within 180days) to get the ERC back.
An old post on the forum states that Nationwide doesn't apply a six month rule for mortgaging a newly purchased property.
https://forums.moneysavingexpert.com/discussion/3429595/6-month-rule-residential-mortgage
I have spoken to an advisor at Nationwide who said that this would be allowed but he didn't seem overly confident! This is theoratical at the moment - just that once the equity is released from the sale of my existing home I could potentially buy something at auction then port my current deal (within 180days) to get the ERC back.
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IIRC, you can't port to a remortgage with Nationwide. You can only port to a purchase.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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looks they like do day one remortgages. Not sure under what circumstances though.
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I did not think Nationwide would allow you to port to an unencumbered property either.
Unless it has changed or the devil is in the detail, ie they will allow a remortgage when paying off an existing mortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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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