How much notice to take of SVR when remortgaging?

alabama_2

Hi,

My partner and I are looking to move house, and therefore need to borrow more money. We can't keep our current mortgage as according to my IFA, Bank of Scotland have stopped lending outside of Scotland.

I am keen on the Norwich & Peterborough rates, 3.99% fix at 85%, or a 2.59% discount for two years. However, my IFA has pointed out that their SVR is 5.35% - very high compared to say Halifax.

However, if we plan to remortgage onto a new product at the end of the 2 year fix, how much notice should we pay to the current SVR? Guaranteed it will have gone up in 2 years, but if we plan to remortgage anyway, is it of interest?

Thanks,

hcb42

what if your circumstances change and you cannot remortgage?

opinions4u

The higher your LTV the more notice you need to take of the SVR - the risk of not being able to remortgage and being stranded on an uncompetitive SVR needs considering.

Of course, some of those uncompetitive SVRs could improve as time passes.