Confused on how to fund next house purchase

homer_j_3

The theory should still be the same. Unless you do not think it is realistic to complete before end of may, in which case, secure a rate now.

Gambler

homer_j wrote: »

The theory should still be the same. Unless you do not think it is realistic to complete before end of may, in which case, secure a rate now.

Well it's a 5 house chain so it's going to be tight. I don't fancy paying C&G £400 for a valuation when I could only remain with them for a matter of weeks.

I only went for the 2 year fix originally as we were thinking of moving. I didn't realise it was quite so easy to port a mortgage or I would have gone for the 5 year.

However hindsight is a wonderful thing

homer_j_3

Yes but the port might not have been agreed so easily and hindsight is a wonderful thing - imagine if they had said no and you wanted/needed to move.

Regardless, I would just inform your solicitor to not allow completion before this date. With a 5 house chain, I would expect end of may to be the earliest you will complete. So, unless all 5 sets of buyers/sellers are all wanting very quick move, I would source a new deal and then just sit tight.

If it becomes a move now or chain collapses, then you can always go back to c&g.

Gambler

homer_j wrote: »

Yes but the port might not have been agreed so easily and hindsight is a wonderful thing - imagine if they had said no and you wanted/needed to move.

Regardless, I would just inform your solicitor to not allow completion before this date. With a 5 house chain, I would expect end of may to be the earliest you will complete. So, unless all 5 sets of buyers/sellers are all wanting very quick move, I would source a new deal and then just sit tight.

If it becomes a move now or chain collapses, then you can always go back to c&g.

Or the chain could collapse later down the line and at least then I would have a new deal in place for my current home.

I'd just like to say thanks very much for your advice and the time you have taken to respond to my questions is much appreciated.
:beer:

homer_j_3

My pleasure.

Gambler

Just one more Q please. Even though I'm still a bit miffed that First Direct took ages to get back to me and then refused to honour the 4.99 5 year fix I am considering going back to them as they still have some great deals in the current climate.

If I remortgage my current property then the legal fees are free. But when I want to port to the new house I have to pay for another valuation (fair enough) and my own legal fees.

What are these legal fees? Are these in addition to what I am currently paying my solicitor for the house move?


Thanks

homer_j_3

I am not sure of the FD deals.

Normally you can get fee free legals with remortgage as there is less work with the conveyancing side but when you purchase, you will normally have to pay for these.

If you instruct your own solicitor then these will be the only set of fees. FD should not charge you again for them. However, as FD do not deal with us brokers, it is not something I am familiar with.

Gambler

homer_j wrote: »

I am not sure of the FD deals.

Normally you can get fee free legals with remortgage as there is less work with the conveyancing side but when you purchase, you will normally have to pay for these.

If you instruct your own solicitor then these will be the only set of fees. FD should not charge you again for them. However, as FD do not deal with us brokers, it is not something I am familiar with.

Finally spoken to the mortgage dept earlier this evening. I did ask for clarification and the lady did ask her colleagues but to remortgage the costs are:

Valution £200
Booking fee £299
Arrangment fee £299

To then port the mortgage you have to pay all these costs again

So have decided to go for house purchase mortgage, hopefully complete early June and let C&G go to SVR. Got to be cheaper than two sets of fees !

homer_j_3

If the mortgage was portable, then I could accept a couple of hundred quid for transferring over plus the legals but you are right, seems a bit steep.

Only reason, I can think is that its the way it is funded and has to be done that way - may be the norm in the next 6-12 months.