h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Hello Jules - congratulations and hope your buyer doesn't turn out to be a time waster.

If it's anything like the mortgage I just took out, the redemption fee is a penalty you pay if you sell the house and don't buy another and pay up on the mortgage, rather than buy a new place and continuing to have a mortgage.

This is something I considered long and hard before taking out my four-year fixed rate mortgage. On the one hand, my housing costs are fixed for the next four years at a rate I can afford - and rates have already gone up once since I got it. On the other, it means I've ruled myself out of the option of selling up, taking the cash and moving away if my job doesn't work out because I'd have to pay 3% of my mortgage (about £2100) if I sell before the four years are up.

So if I move, I'll have to either go through the hassle of selling with a chain and buying a new place, or else rent this one out...

Congradulations on selling the house, and goodluck for the finding a place near me in Cambridge Nd heres hoping the long commuteing will soon be a thing of the past So wehre you've been looking at in Cambridge thus far?

I thought the redemption penalty was going to be huge, but was pleasantly surprised.

I do know someone who sold their house but carried on paying the mortgage until they got round to buying their new place. Must be tempting having all that cash sitting around in the bank though.

Hello Six!

Hello Mina!

The thing with the mortgage was (I think) that although we wanted to transfer it to a new house, if we had a period of renting in between, they would count it as having terminated the agreement and thus charge us the early redemption fee.

Legster - we have seen 5 houses this week and are seeing three tomorrow Most were southish below the station but some were out of town and one was northwest ish off histon rd.

Jules