Mortgage early exit fee workaround

mahsa

We have a mortgage with West Brom, fixed for 2 years expiring on 31st June with early exit fee of 1% of total loan, which is about £1800. We are selling our property and getting a new mortgage with Santander. The people in the chain have requested a completion date of 16th June which makes us liable to pay the full exit fee. 

Instead of delaying the completion by 2 weeks, we are wondering if there is a workaround where we don't have to pay the full early exit fee and complete on 16th June. Some options we are wondering about are: 
- Can we keep the mortgage on the current property for another 2 weeks after completion? 
- Would a bridging loan resolve the issue? if so, what is the cost for that? We need about £75k deposit to purchase our next property which we are financing through sale of our current property. 
- Any other options? 

Thanks!

user1977

mahsa said:

- Can we keep the mortgage on the current property for another 2 weeks after completion? 

No, nobody is going to buy a property from you if it still has your mortgage registered over it. You need to redeem the mortgage on completion.

A bridging loan could work, but they're very expensive - you may be better off paying the £1800.

Neilos9

nope, Bridging loan would not work - because - your buyers want your house.....
The Bridge would go on new property, not existing - so your buyers could not buy, also you need the equity from your current house to buy - if it went on your existing - teh money would have to goto Santander - so fails....

Thrugelmir

mahsa said:

 The people in the chain have requested a completion date of 16th June which makes us liable to pay the full exit fee. 

Inform your solicitor that you have no wish to complete until the 1st July. Between you I'm sure that you can waste 10 working days with delays......