Re-mortgaging With a Twist - advice needed

London_Lad_3

Hello all, I am a first time poster so I apologise if this has been posted before.

My current two year fixed term mortgage ends at the end of this month on a 2 bed flat, I am planning to sell it at the beginning of next year in 6 months time, the problem I have is that I don’t want to re-mortgage and be tied in for another two years as then I will have to pay penalties if I sell the property early. If I don’t re-mortgage then the interest rate on the mortgage will go up to over 6% - can anyone suggest any alternatives??

Thanks in advance

MortgageMamma

London_Lad wrote:

Hello all, I am a first time poster so I apologise if this has been posted before.

My current two year fixed term mortgage ends at the end of this month on a 2 bed flat, I am planning to sell it at the beginning of next year in 6 months time, the problem I have is that I don’t want to re-mortgage and be tied in for another two years as then I will have to pay penalties if I sell the property early. If I don’t re-mortgage then the interest rate on the mortgage will go up to over 6% - can anyone suggest any alternatives??

Thanks in advance

Yes, I believe the best thing you could do is go onto a tracker mortgage which no tie in's. Before you did this you would need to get a whole of market broker to compare this option and the potential savings/costs to staying on your lenders standard variable rate. Dependent upon how much money it will cost you to swap to a tracker you may be better to stay put with your lender.

Take Advice
MM

herbiesjp

There are some decent fee free deals with no penalties that you couls look at.