Re-Mortgage Advice Please

NW_Mark

Hi,

We currently have a mortgage with the Skipton BS, our fixed mortgage has ended so we are on their high SVR of 4.99%.
As we are looking to move house in the new 12 month we do not know wheter tos remortgage our current home to a cheaper product or stop on the SVR with the skipton, keeping our options open until next year.

Any advice would be appreciated.:)

herbiesjp

IMO keeping your options 100% open has to be a strong contender.

Taking a new deal now, means getting tied in for a period of time. Even if a deal is portable, there are no guarantees of lending agreeing to the porting as many people are finding out.

Changes to your personal situation or lending policy, can mean porting is declined, and you are then hit with a penalty fee for coming out of your deal.

getmore4less

Taking a new deal does not mean getting tied in

plenty of trackers out there with short or no ERC's. some as low as 2.5% so a considerable saving over 4.99% SVR

Just need to factor the fees for a 1 year deal if they decide you can't port later

What sort of LTV now and what price differential are you looking at when you move?

It might make sense to get a larger portable offset than needed that can ported to another place without requireing top ups if the LTV stacks up.

M.Holloway

How long you got left on your lease?

(if its a leasehold)

NW_Mark

We have 70% LTV now and the property is freehold