1 year mortgage?????

ericlarrybob

Hi,
Has anyone out there seen any offers for 1 year mortgages at the moment? I have a 20% deposit all ready to go, but can't find a mortgage that will work time wise. I need to be able to move away from the area in 12 months so can't tie myself in to 2 years.
Thank you!

GMS

Look for a mortgage with no penalties for early repayment. You won't get a 1 year term and even if you could the payments would be huge.

What do you intend to do with the property when you move away?

Thrugelmir

Standard Variable Rate (SVR) is an option if you want no tie in's.

getmore4less

https://forums.moneysavingexpert.com/discussion/comment/51206633#Comment_51206633

does not add up.

Excited13

If you need to move in year why are you buying? The costs of buying and selling just doesn't make sense if you are only living there a year. Also the house may not sell straight away. I think you'd be better off saving and then buying in an area you want to stay long term in a years time.

ericlarrybob

GMS wrote: »

Look for a mortgage with no penalties for early repayment. You won't get a 1 year term and even if you could the payments would be huge.

What do you intend to do with the property when you move away?

Hi, thank you for that, really good advice, I'll look into it. I'm hoping to rent out, I live in a quite a good area for fast student rentals, so was hoping to do that to fund my own living away during teacher training.

ericlarrybob

Thrugelmir wrote: »

Standard Variable Rate (SVR) is an option if you want no tie in's.

Thank you, I'll look into that, I haven't heard of it before, despite having seen a mortgage advisor - I'm finding they're not too great at thinking outside of the box!

ericlarrybob

[QUOTE=getmore4less;58759735
does not add up.[/QUOTE]

Hi, thank you for your concern, but my circumstances have changed quite considerably in the last 12 months. I'm now in a position to put down a 20% deposit and still have the same good credit rating as before. I've been fortunate to progress considerably at work and so can now consider moving into my own home. Were there any other things which you were unsure of?

ericlarrybob

Excited13 wrote: »

If you need to move in year why are you buying? The costs of buying and selling just doesn't make sense if you are only living there a year. Also the house may not sell straight away. I think you'd be better off saving and then buying in an area you want to stay long term in a years time.

Hi, Thank you for your reply. I am looking at buying for a 12 month period so that I can then remortgage on a buy to let, meaning that I could fund my teacher training away from home. This will be do-able but a stretch otherwise. I would rather be stretched closer to home where I know I can rely on my family for food than when I'm at the other side of the country on my own for the first time. The area I live in is great for student rental, and I have some student friends locally who will need a house to rent at the same time as I will need to move, out, so I know that I can cover that expense.

getmore4less

ericlarrybob wrote: »

Hi, thank you for your concern, but my circumstances have changed quite considerably in the last 12 months. I'm now in a position to put down a 20% deposit and still have the same good credit rating as before. I've been fortunate to progress considerably at work and so can now consider moving into my own home. Were there any other things which you were unsure of?

the bit that does not add up is you don't actualy want a 1 year mortgage.

Best to explain what it is you are trying to do rather than ask for the solution you think you want.

Let_Us_See

Not surprising you mortgage adviser did not suggest a solution. What EXACTLY are your plans?