Non simultaneous purchase Nationwide

GAMBITv5

We’re buying a new build off plan (expected to complete last week of Feb at the earliest). Have been informed by estate agent today that our buyers mortgage is due to expire mid Feb and they cannot obtain an extension.

We’re fortunate enough to be able to break the chain and move in with in-laws for a couple of months to make the sale and purchase go through, though I’m worried of the implications of my mortgage…

We have an offer from Nationwide to port and borrow more, due to expire end of March. Am I right in saying that Nationwide will allow this non simultaneous sale to take place? Essentially will be selling our house in Dec and purchasing our new build as planned in Feb. Does anyone have any experience in this process?

K_S

@gambitv5 Assuming that the process is same direct, this may help answer your question

https://www.nationwide-intermediary.co.uk/products/porting#delayed

As long as you complete within expiry (plus extension) of the offer, it should be fine.

GAMBITv5

Thanks, I’m with a broker so hopefully straightforward. Do you think it would trigger reevaluation of the offer?

K_S

@gambitv5 I wouldn't think so but I last did a Nationwide split-port ages ago so don't remember much.