mortgage fixed rate question - if we move out ??

Snow-Munki

Hi,

our mortgage fixed rate ends September this year. If we go for say a 5 year fixed rate as £500 fee.

But then next year we're thinking of moving out and getting a bigger place.

what would happen to our exisiting mortgage ? Do we need to get another new mortgage at a new fixed rate and pay another £500 ??

Thanks

MortgageBroker_2

This will depend on whether your mortgage has a portability option included. This means that you can take your fixed rate over to the new property without incurring early repayment charges. Subject to underwriting. If the mortgage does not have this option you will need to pay any repayment charges plus a fee for the new loan to be setup.