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Mortgage redemption

(6 Posts)
summerholsdreamin Mon 03-Apr-17 17:29:24

Does any know if/how long you can keep a mortgage after selling your property?

Or does a mortgage automatically have to be redeemed if there is no property attached?

Reason I ask is that our purchase has fallen through but hope to buy again hopefully within next 6 months. Are my mortgage company (Nationwide) likely to agree to the break? It's quite a small amount in comparison to earnings and at a fantastic interest rate!

Lonecatwithkitten Mon 03-Apr-17 17:37:10

I dealt with my own redemption statement when I sold in the summer. It stared redemption by close of business on sale day.
The mortgage is secured on the house of you no longer own the house the bank no longer has security for the loan.

summerholsdreamin Mon 03-Apr-17 18:02:29

Poo, that's what I suspected.

user1487194234 Mon 03-Apr-17 18:20:08

The bank would still have a security over the house But the purchaser would not be happy about that so the loan does have to be paid off at the point of sales

SwimmingMom Mon 03-Apr-17 18:21:24

Our current product allows a 90 day gap before it needs to be attached to a new property. Is that any help at all?

summerholsdreamin Mon 03-Apr-17 18:30:54

Thank you... will check it out but realistically unlikely to complete on another property within 90 days.

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