STR - What about mortgage?

gemima

Hello,

I am after some advise on what may seem like a daft question but here goes:

We have sold our house and are looking for something bigger but can't find anything in our price bracket at the moment - prices are falling in our area and only those houses priced realistically are selling. Alot of vendors seem to be burying their heads in the sand though and pricing high when going on the market and waiting and waiting and waiting .......

Anyway, as we have lost one buyer due to us faffing about and we now have another one with no chain behind them so we dont' really want to lose them which is why we are thinking about renting. Renting in this area isn't cheap but we could manage it - we have 2 small children to also consider in all of this (not of school age yet though). The trouble is we have a Nationwide mortgage fixed rate of 4.79% until July 2010 and we don't really want to lose this - if we moved we can keep the same rate.
Does anyone know if we can port this mortgage in a certain timescale rather than giving it up completely and pay the redemtion penalty? I hope you know what I am trying to ask if not ask for more clarification!!

TIA

minimike2

Im not sure specifically on Nationwide, but you usally get between three and six months to secure a new property following redemption of the mortgage on the existing one before you lose the right to porting the rate. You would need to call them to clarify.