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Advice please: Future Second time buyer
waterside77
Posts: 1 Newbie
I currently have a mortgage on a one bedrrom flat and I am hoping to upgrade to a house withing the next two years.
My current 3 year fixed rate will expire at the end of October. I understand that the Nationwide are currently offering 3 and 5 year competitive fixed rate portable mortgages.
What happens however if I wish to extend my loan so that I can move house withing the fixed term of my mortgage?
Are my options either:
1. to pay the redemption charge and remortgage for the whole amount that I wish to borrow or:
2. to create a second mortgage (with all the associated set up fees) to run alongside my existing mortgage? Will doing this mean that I will have two mortgages running concurrently for evermore?
The Nationwise advisor explained that the latter option is normal practice.
I was hoping that an alternative less expensive option might exist
I would be grateful if anyone can advise me what options are available to me.
My current 3 year fixed rate will expire at the end of October. I understand that the Nationwide are currently offering 3 and 5 year competitive fixed rate portable mortgages.
What happens however if I wish to extend my loan so that I can move house withing the fixed term of my mortgage?
Are my options either:
1. to pay the redemption charge and remortgage for the whole amount that I wish to borrow or:
2. to create a second mortgage (with all the associated set up fees) to run alongside my existing mortgage? Will doing this mean that I will have two mortgages running concurrently for evermore?
The Nationwise advisor explained that the latter option is normal practice.
I was hoping that an alternative less expensive option might exist
I would be grateful if anyone can advise me what options are available to me.
0
Comments
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The second option, albeit you could take a fee-free package for that if you felt you didn't want to pay fees.0
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