Breaking mortgage to rent short term

[Newmumtobetwentytwentytwo]

Hi there- wondering if anyone has been in this situation.

We have sold our flat in London and are moving to Manchester in Jan.

The plan is to rent for a year and then buy.

This would mean that we have to exit our mortgage early - has anyone done this and if so do you know about cost- or is there a way of holding it until we buy again?

thanks in advance

You usually have a period of 6 months in which to complete and port your mortgage (after the completion date of your sale). If you don't complete in that time the mortgage lender will keep the early redemption charge that you will pay on completion of the sale of your property. Impossible to say how much as the % vary, you need to check your mortgage T&Cs.

Your mortgage terms will say how much it costs. If you've had the mortgage less than 3 years there will very likely be an early repayment charge of between 1 and 3 percent of the whole value owed. You won't be able to 'hold' the mortgage for a year if not porting immediately, I don't think.

You need to ring your mortgage provider immediately and understand what it means for you.

Thanks very much both- much appreciated.