unsure whether to remortgage or stick with SVR

pajerochick

hi mortgage knowledgables...i'm looking for opinions & advice as feel a little tunnel vision, and inexperienced.
we are in lucky position of having low mortgage left on our flat(£22,385.00). mortgage just in my name as bought as first flat when i was single & mortgages always based on my earnings alone.
last year was a big year, so no major overpayments (£20p/m)- we got married after 14 years, so didn't really have eye on the rate ending!!
the term is 13 years ...fix has just ended last november. (was 2.99%) - now on SVR = 3.69%. In real terms... payment went from £179 p/m to c£185 p/m. (i do realise the latter can change if svr changes) was willing to mull over for the sake of £6.

We are wanting to move out of the city, more space would be wonderful (1 bed at mo, talking of starting family in next 1-2 years if that pan's out)...dilemma is;

1.) do we sit on SVR & chance movement... the main benefit I see being ablity to overpay & no charge to release from mortgage if a) we can sell in this tough market & b) are able to see somewhere we can afford & get a mortgage for...(other half self employed under 3 year's accounts- )
, or should we remorgage now while low rates exist..?
I do not understand the whole "porting" thing....is there an advantage to remortgaging if we may be moving in the next 12-18 months?
look forward to your input..
K

Thrugelmir

The cost of remortgaging may make this an uneconomic option.

With savings rates at the level they are. Overpaying your mortgage may be the best option.

Check with your current lender to see if there are any products available to you that would save you money.

dimbo61

Well done on getting married after 14 years ( marry in haste repent at your leisure!!!) and if both of you are working and planning on having a family/buying a family home NOW is the time to both overpay and save.
Know idea how much you earn or house prices in the area you want to live But you maybe able to save a deposit on a family home and keep your existing flat as an investment!

y002cjw

From my experience - overpay - overpay - overpay - you can't go wrong.

For £6 a month the costs involved in remortgaging wouldn't be worth it - how many £6's before you recoup the arrangement fees etc.