help moving with a tie in deal

wilsondean1

i was wondering if some one can help.

we have a 5 yr fixed on a 6% deal with 2 years left on it, and is a tie in deal. were totally sick of our neighbours and feel the time to move is upon us. we want to move to a bigger place which is around the £230000 mark but our current mortgage is £140,000. Could some one be nice enough to offer some advice as to what we can do and where we stand with our mortgage tie in, e.g if we move can we borrow more and what happens to the tie in.

any help would be great

regards

dean

ChasingButterflies

Hi,

You might be better posting this question on the Mortgages board. I think you will probably also need to post details of how much equity you have in your current property and also if you have any savings available to add to the mortgage or cover moving costs etc.

However, we found ourselves in the position of wanting to move but also being in the middle of a 5 year fix with (eye-watering) penalties for early repayment... Our product is portable, which has ended up being irrelevant as they have offered us a newer product and will waive the ERC's as long as we take out another fix with them. We can borrow more but like everything we need to meet their current lending criteria. Our current rate is 5.63% new rate offered is 3.69%. So as well as asking on here I would also speak to your current lender.

Selling is difficult in this market - we had an offer at an "acceptable" level after 13 weeks. However we were realistic - there aren't that many proceedable buyers out there.

All the best.