We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
1 year mortgage- worth it?
happyrichard
Posts: 67 Forumite
Hello
My wife and I are in a predicament. We are coming to the end of our two year deal on our mortgage and are not in a position to move this year.
We would like to think we may be able to in about a year. Therefore, we have thought about a 1 year deal. That said, we would have to pay for the fees of switching mortgage provider etc and don't know if the hassle is worth it or just to stay on the Chelsea SVR.
Does anybody have any advice or in a similar position?
Many thanks
My wife and I are in a predicament. We are coming to the end of our two year deal on our mortgage and are not in a position to move this year.
We would like to think we may be able to in about a year. Therefore, we have thought about a 1 year deal. That said, we would have to pay for the fees of switching mortgage provider etc and don't know if the hassle is worth it or just to stay on the Chelsea SVR.
Does anybody have any advice or in a similar position?
Many thanks
0
Comments
-
I think you've answered your own question. Taking into account fees and hassle
is it worth it for 12 months ?. If the SVR is reasonable then stay put and perhaps overpay if you can.Space available for rent0 -
SVR is 5.79%, so that seems awfully high, and with interest rates probably going to go up in the following year, I worry that we could be putting quite an expense our way- it's just trying to find that balance I guess.0
-
What are the figures you are looking at?
Property value? Mortgage outstanding?I 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards