Fixed rate almost over, downsizing in 5 Months

KKevin_2

Hi looking for some advice please.

Currently have a Nationwide mortgage fixed rate coming to an end in March. My flat is valued at circa £140k and i have a mortgage of £118k on it.

I am looking to sell my flat in July and should achieve £140k (due to propert, location etc) and downsize by buying a property at £100k with a £20-£25k deposit. I cant sell it until July.

What would be the best advice with regards to my mortgage situation? For instance having a mortgage of £118k between March and July and then selling and Buying and effectively re-morgaging to around about £80k?

Any help will be greatly appreciated

beecher

The best option is probably to stay on the SVR with Nationwide until you sell and then get a new mortgage for £80k. That way you're not paying any fees between now and your new mortgage deal being set up.

KKevin_2

Is SVR and base rate the same thing?

beecher

KKevin wrote: »

Is SVR and base rate the same thing?

Standard Variable rate, ie the base rate for Nationwide rather than for the BoE. Nationwide's SVR is 3.5% at the moment.