Time to remortage but might be selling soon?

Sibella

We bought our newbuilt house nearly 2 years ago and in November its time to remortgage. We have a 90 LTV with HSBC fixed rate and we are paying a lot!

We are also planning to immigrate to Australia within the next 2 years so will be trying to sell our house (hopefully without a loss!) once we have our visas.

We are looking at a tracker rate of 4,5% from HSBC which would already save a lot on our mortgage.

Are there any other banks which would offer us a better rate at 90%?

Taking into account that we would probably only have the loan for a year or two. And also taking this into account what would be best loan be to go for to not pay too much in exit fees?

Thanks very much - such a pity we bought our house before I discovered this website!

getmore4less

WHY remortgage?

If trying to sell why not just go onto the follow on rate what is it?

If you factor in any fees an make sure there are no ERC.

_Andy_

It won't be 90% LTV any more so youre choices are restricted to HSBC.

Sibella

We spoke to HSBC this morning - it is 90% at the moment (we did give a deposit initially).

If we do nothing it will go on HSBC's variable rate - is this an option and is there an exit fees on this?

Is ERC - Early repayment Charge - sorry for my ignorance but we are South African and mortgages work totally differently there.

Also we will only put our house up for sale once we have our visas, which could take another 6 months to 1 year.

_Andy_

It will fall on to their SVR by default and no there are no exit fees from it.
ERC yes is early repayment charge.
HSBC may well say it's 90% but as it's a new build I will guarantee a proper valuation today would come in with a higher LTV than that.
SVR might well be a viable option.