freeze mortgage?

[snowdude2910]

Hi peoples,
I've sold my house and was planning on porting my mortgage over to a new house but that has since fallen through meaning my buyer is about ready to complete and I am yet to find a house. If i don't keep my mortgage I have to pay around 3k to get out of it which would wipe out any deposit and mean moving back in with the rents for a while in order to save it back up again but I don't want to be rushed into buying a house I don't like either. So my question is is it possible to freeze the mortgage between selling this house and buying the next I will phone natwest and ask them in the morning if needs be but they're closed now and I've only just had the thought.
Thanks ... Matt

[98elise]

What do you mean by freeze the mortgage?

if its not being used for another property your solicitor will use the money from the sale to pay off the mortgage.

I doubt they will let you do anything else with the money, as it will be unsecured.

[Sarnie]

snowdude2910 said:

Hi peoples,
I've sold my house and was planning on porting my mortgage over to a new house but that has since fallen through meaning my buyer is about ready to complete and I am yet to find a house. If i don't keep my mortgage I have to pay around 3k to get out of it which would wipe out any deposit and mean moving back in with the rents for a while in order to save it back up again but I don't want to be rushed into buying a house I don't like either. So my question is is it possible to freeze the mortgage between selling this house and buying the next I will phone natwest and ask them in the morning if needs be but they're closed now and I've only just had the thought.
Thanks ... Matt

In short, no.

Within your offer documents will be a clearly defined timescale within which you need to complete your purchase after selling your property. This timescale is usually 3 months but it is also 6 months with others.

You can't just redeem your mortgage and decide to keep the rate and the product, thus avoiding the ERC, and then not actually port it to a new property within a reasonable timescale.

[scotal]

snowdude2910 said:

natwest

A non simultaneous port is possible with NW. You'll need to complete the new mortgage within 3 months of the old one.
You will have to pay the early repayment charge, then it will be refunded on completion of the new loan.

[was8v]

scotal said:

A non simultaneous port is possible with NW. You'll need to complete the new mortgage within 3 months of the old one.
You will have to pay the early repayment charge, then it will be refunded on completion of the new loan.

This. My mortgage co has given me 6 months to do this.

Just give them a ring.

[snowdude2910]

was8v said:

scotal said:

A non simultaneous port is possible with NW. You'll need to complete the new mortgage within 3 months of the old one.
You will have to pay the early repayment charge, then it will be refunded on completion of the new loan.

This. My mortgage co has given me 6 months to do this.

Just give them a ring.

Great stuff have phoned them and this is exactly what they said although it took me a good while to explain what I meant thanks aloft for your help it's much appreciated

[Webbit]

Exactly the same scenario with me, sold old house on 2 June and completed on the new one on 26 June. I was with Natwest and had to pay my early repay chg (£10.5k ouch) but got it back a few days after completion on the new place.

Mortgage was paid off of 2 June and re-lent on 26 June so to speak.

Matt