Move now or wait?

louise7117

Hi

I am new! I was hoping to get some opinions please. We have a fixed mortgage deal that expires at the end of April next year. We are wanting to move home soon as we are wanting to have another baby. So should we start the process of putting the house up for sale now in the hope it sells so we can take advantage of the low interest rates but we will have to pay the early repayment fee on our current mortgage. Or wait until next year when the mortgage deal has ended so we dont have to pay the fee but risk the interest rates going up?

thank you
Louise

[Deleted User]

How much is the ERC?

louise7117

Think it will be around 3K ish.

thanks
L

[Deleted User]

Quite a sum. How much is your monthly mortgage payment at the moment? £3k could absorb quite a lot of rate increases. eg 30 months at an extra £100 a month.

Personally, I don't expect rates to be too much higher by April, so I would wait. But have your house on the market well before then in any case.

Janie2008

Can you port your mortgage? If it is you could borrow the extra from your current lender so it would be worth looking at what mortgage deals your mortgage lender is offering at present.

Also it will probably take some time for the whole selling buying process so I wouldn't wait too long to get started.