We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Quandry
Options
ardandy
Posts: 45 Forumite
I'm ringing my mortgage company soon (today) but wanted to see if anyone has any advice on here before I do anything.
This is the situation;
We have 2 parts to our mortgage (due to moving), one ends in January and the other next August.
What should I do regarding the one that ends in Jan? The mortgage companies letter says we'll go on a standard rate which put it up by £50 per month! Should we take the hit for a while and then re-arrange things in August or is there another option? I'd rather have just the one mortgage TBH!
Ideas?
This is the situation;
We have 2 parts to our mortgage (due to moving), one ends in January and the other next August.
What should I do regarding the one that ends in Jan? The mortgage companies letter says we'll go on a standard rate which put it up by £50 per month! Should we take the hit for a while and then re-arrange things in August or is there another option? I'd rather have just the one mortgage TBH!
Ideas?
0
Comments
-
Depends.
What is the rate on each part?
How much is owing on each part?0 -
Take the hit unless they have another rate you can move onto with no fees and no penalties, and then start the re-mortgage process around June time, in order to get both mortgage amounts onto the same rate.
Otherwise you will always have this problem of two amounts finishing their deals at two different times, and then only having the option of staying with your current lender or paying a penalty to leaveI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just spoke to them and our only option is a 2 year or more fixed whatever or just to leave it on the standard rate until the other expires.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards