re-mortgaging/early repayment

emily.simmons

Hi, I'm hoping someone on here will be able to advise on the below..

I currently have a 2 year fixed mortgage with Santander. My fixed period ends in November.

I am looking to sell my current property next year, and buy another with my partner, and will therefore need a joint mortgage.

If I was to renew my current mortgage in November, with a new fixed rate, will this mean I have to wait till the fixed period of this new mortgage ends in order to avoid early repayment charges and also so that I can get a joint mortgage with my partner instead?

Hopefully this makes sense, but please feel free to ask questions if it doesn't..

kingstreet

Possibly.

When your current fix ends, presumably your mortgage rolls onto the Santander SVR?

If you remain on that, when you come to sell, you can use a new product with Santander for a new joint mortgage, or take your new joint mortgage with a new lender, if you can find a better deal.

If you take a new Santander customer retention product when your current fix ends, this may have an early repayment penalty which extends beyond the point you intend to stay in this property.

The only way to avoid paying any of this penalty is;-

- the product is portable to a new joint mortgage
- you will qualify for a new joint mortgage with Santander
- your new joint mortgage will be a greater amount than your sole mortgage.