WWYD...Buy now or later?

[cazinge]

We are selling our house (going on the market Monday). I expect it to sell quickly, neighbours house went on 28 Feb sstc 10 Mar and ours has a better / more family friendly layout. But we can't find anywhere we want to buy.

We have a current fixed mortgage for 2 years so unless we port we pay an early redemption fee of c.£1.5-2k. However, We could pay off the mortgage & live in my parent's annexe for a few months basically rent free so saving over £1k per month then be in a good position to buy (chain free) & we might also benefit if prices tank after Brexit.

But I can't shake the annoyance at having to pay the mortgage fees (I know, it's the penalty for having a fix). And what if we still can't find anywhere? We want to try for DC2 later this year (IVF, frozen embryo transfer so can plan quite well) so would want to be moved in by the time he / she arrived.

Well don't worry about paying the mortgage fees as you're going to get those back in two months by living in your parents annexe.
I'd be more worried about being out of the market, where we live now prices of decent property is going up in price, however if your property is extremely desirable and priced to sell you can get your buyers to wait till you've found something.

We're in same position and doing the same as you. Our mortgage is with nationwide and you can have the early redemption fee refunded if you move within 6 months which is what we're aiming to do. Does yours have similar?

Ooh @pinksquash I will check that. We were originally planning to buy/sell straight away so I didn't ask, just confirmed how much more we can borrow.