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Selling home during / immediately after six month period of interest only payments

CateRM
Posts: 1 Newbie
I currently have my house on the market. I am planning to pay off my mortgage when I sell, buying a property with the capital.
My current mortgage deal is a delightful 1.44% and ends at the beginning of April 2024 and I was hoping to sell and complete by this date, to save me having to go onto the standard variable rate.
Unfortunately, things have gone a bit pear-shaped as nothing is happening on the sale front and it's very much looking as though I'll still be living in this house in April 2024.
I've read about the six month interest only offer described in the Mortgage Charter and am hoping that I can make use of this. Initially, I thought that this offer could give me six months grace in which I can hopefully find a buyer - and I'm still hoping this, however does anyone know what would happen if I did sell and want to pay off my mortgage - either during the six month window or immediately afterwards? None of the information that I've read mentions this possibility.
Many thanks
My current mortgage deal is a delightful 1.44% and ends at the beginning of April 2024 and I was hoping to sell and complete by this date, to save me having to go onto the standard variable rate.
Unfortunately, things have gone a bit pear-shaped as nothing is happening on the sale front and it's very much looking as though I'll still be living in this house in April 2024.
I've read about the six month interest only offer described in the Mortgage Charter and am hoping that I can make use of this. Initially, I thought that this offer could give me six months grace in which I can hopefully find a buyer - and I'm still hoping this, however does anyone know what would happen if I did sell and want to pay off my mortgage - either during the six month window or immediately afterwards? None of the information that I've read mentions this possibility.
Many thanks
0
Comments
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If you are on the SVR after your deal finishes I cant see there being a problem.
You agree a price, your solicitor requests a redemption figure close to the completion date, it sells the soilcitor pays the balance and you get the difference.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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