Can I stop paying my mortgage for a few weeks until the house sale goes through?

BonaDea

Perhaps I haven't fully understood all this, but couldn't you port the mortgage to the flat and pay it off a short while later?

Brie

No19v87 said:

housebuyer143 said:

Can you get a credit card and use it to pay the rent/mortgage for a few months? I'm not sure if you can but an option? 
Otherwise, trash your credit record and just don't pay. They won't repo it right away, but it's not ideal.

May be wrong but I believe mortgage companies do not allow payments on credit cards.

I believe you are right that you can't pay your mortgage with a credit card.

You can however get a money transfer from a CC into your bank account and pay the mortgage from there.  Might even get a 0% deal on the MT.  Or get a 0% purchase deal with a CC and use that for all the other bills which will free up money you might normally pay for those bills.  

MWT

This is starting to feel like a lot of effort and a huge degree of risk, which could all end very badly if the new buyer isn't able to proceed as fast as needed or they just drop out...

I know it can be frustrating to lose a property you really want to buy but unless this is a real 'unicorn' it seems like it is time to sit back and re-evaluate the decision to proceed with the deposit and rental plan in the absence of a buyer for the old property being under contract.

propertyhunter

You're trying to do too much at once - what makes this flat so special you are willing to wreck your credit rating for it?
 
If the flat is currently for sale, why are you wanting to rent it for 3 months first? Why is this not a simple sell and buy transaction in a chain? 

Anyway, you don't have the money to do what you want - so change your plans.  

Gentoo365

This sounds like a big risk. 

Your house sale is more likely than not to drag on, and may not happen. 

What is the seller or the flat going to do if you refuse to go along with the plan? Remarket and wait 3 months anyway for a buyer to go though all the conveyancing stuff (including lease faff, management company faff etc)?

Remember they could even decide not to sell to you and you just gave them three months rent.

Gentoo365

Oh and if you skip mortgage payments then that may mean you can't get a mortgage (or any mortgage offer you currently have is cancelled, or whatever the correct word is, because your situation has changed).

*The bit below is a joke*
You could always just default on this 'rent', move in to the flat and then they can't sell to anyone else as the property has a problem tenant who needs to be evicted. Then once you sell your house you buy the flat.
*This bit is a joke*

Zerforax

Could you find a way to pay a higher price for the property? So net effect is that you would be paying "rent" for the period it takes to complete?

sabitabanerji

The seller of the flat has agreed to let me rent it for 6 months while I try to find another buyer 

Hoenir

sabitabanerji said:

The seller of the flat has agreed to let me rent it for 6 months while I try to find another buyer 

Now is not generally a good time to sell a property.  Six months could rapidly pass by.  What's the back stop plan?