Moving during fixed rate

Sting_2

I am presently 1.5 years into a 5 year fixed rate mortgage, and there is a possibility that as a result of a job change I might need to move house. I had no idea this would happen when I took out the mortgage.

My question is what are my options? I have a good rate on my fix (4.64%) but any house I buy would be more expensive than the one I am now in.

Can I take out a second mortgage for the shortfall with either my present or different lender? do I have to clear my present mortgage (and pay redemption penalties) and start again?

Thanks in advance for your help!

Rafter

You can usually 'port' your mortgage offer to your new house and even borrow a bit more at the same rate with some lenders.

Some will also create a 'bespoke' mortgage for you made up of your current rate and their current offers and calculate an average rate for your new larger loan.

Best thing is to ask.

It is still possible to get a sub 5% fixed rate over 5 years, although not for long probably given the rate rise yesterday.

R.