Mortgage question...

[The Tea Boy]

Evening all,
The wife and I are looking to put our house on the market shortly.

But we can't find any info on what would happen if we sold our house but couldn't find anywhere new to live.

If we decided to rent for 6-12mths,what would happen to the mortgage?

Thanks in advance,

Matt

[The Tea Boy]

Ok, so what you mean is we would have to pay the early redemption fees etc? And they wouldn't just hold it. So effectively we would have paid off the mortgage and start again with our new deposit?

Matt

[The Tea Boy]

Not really a worry about getting another mortgage, more the work of having to pay a penalty of ££££'s and wasting money on renting if buying something we don't like would work out better financially.

Hope that makes sense?
Ie we sell, decide to rent for a short time until we find a property we like, will the mortgage company hold out monies for us with no penalty and then just carry on as we were when we find the just we like?

Matt

[The Tea Boy]

Thanks for that. Makes sense to me.


Matt