Renewing the mortgage, then selling & emigrating 12 February at 7:17AM in Mortgages & endowments 3 replies 189 views

dgerrard

We're on a 5 year fixed, expires in September 2024.

We are currently looking into emigrating back to my home country (Canada) but certain upcoming circumstances may require us to stay until around June 2025.

Let's say we remortgage in September & sell the following June: what is the impact of selling your home soon after remortgaging?  Would it just be, for those ~8 months we would be paying the higher interest of the new mortgage?  Does it make a difference how many years fixed you have when you sell your house? 

And does selling = early repayment, if I'm not porting the mortgage over?  Anyone ever heard of a mortgage you can port to another country?  Opening an Expat Premier account at HSBC, will ask them directly as well.

Cheers!

housebuyer143

You would product switch to one with no early repayment charges and then sell it when you are ready.

ACG

Switching products beforehand is fine, but you need to check what the Early repayment charges are on any deal you tie into.
If you just go on to the standard variable rate, then there should be no ERCs and you just pay the variable rate until you settle up. 

user1977

dgerrard said:

And does selling = early repayment, if I'm not porting the mortgage over?  

You can't sell without repaying the mortgage!