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Mortgage for 6 months - help please

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
4 replies 445 views
lnjklnjk Forumite
895 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
I am buying a house Need a mortgage but only short term as in months I have some money coming to me, enough to pay the mortgage off. So I am confused best way to do this and any help/ advice will be appreciated.

As it stands I have 25% deposit. Should I take interest only or repayment? I will need a mortgage with no early repayment fee.

As above any advice appreciated as I don't know and am a bit confused about the types of mortgages and What may suit my needs ie offset fixed tracker !!

Replies

  • BeckyyBeckyy Forumite
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    With all the fees and costs involved, would it not be easier for you to just rent/wait for 6 months then buy cash?
  • SpiggleSpiggle Forumite
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    You may be better posting your question here.

    Hope that helps,
    Spigs
    Mortgage Free October 2013 :T
  • edited 25 June 2012 at 9:10AM
    greentgreent Forumite
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    edited 25 June 2012 at 9:10AM
    If you've truly found the property you love, then I can understand buying now as opposed to in 6 months.

    If the money is definitely coming in 6 months time then be upfront with the mortgage companies. Take your mortgage over a short time period (no shorter than a year, though, to allow for any possible delays in recipt of your funds) Get the cheapest interest rate you can with no up front fees or early repayment charges. I wouldn't worry too much about offsets if your situation is definite.

    Go into a big branch of a couple of lenders and explain your situation. Be firm that you don' t want any set up fees (any possible lower int rate is unlikely to benefit you over such a short time period) and definitely no ERC. Then compare the int rates and have a quick look for customer service issues.
    I am the master of my fate; I am the captain of my soul
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  • lnjklnjk Forumite
    895 Posts
    I have found the house so want to buy now. Thanks for the advice I will go to a couple of independents today may come back if totally confused :9) which is possible
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