Mortgage questions...

Chappers28

I currently own a home which has gone up in value by £22K over the last two years. I have a Natwest 5 year fixed rate mortgage at a high rate as I was a first time buyer and at the time it was the only one that I could get. I am getting married next year and would like to do a number of things: 1) move to a larger house 2) Change my mortgage to a lower rate (although I know I will face around a £3000 erc) 3) Add my fiancee to my mortgage.

How do I go about making these changes? Is it best to change my mortgage and add my fiancee to a new one when we are ready to move to a new house. My current fixed rate mortgage is ridiculously high so I feel that the £3000 erc is nothing according to the savings I could make with a lower rated mortgage.

How do I switch mortgages?

Thanks...still feel clueless when it comes to mortgages????

R_P_W

Surely if you are moving house you will pay off the mortgage and apply for a new one on new property?

ACG

Switching mortgage if your intending to move anyway probably isnt the best idea as you would then have 2 lots or ERC's to pay. You would also have to pay for a Transfer of Equity (ToE).

If your intending to do all of this in the next say 6-12 months. Then i would sell the house, when you purchase the new one put your partner on the mortgage with you then, that way you only have the 1 ERC to pay and no ToE and potentially if you are into the next year of the product your ERC may even have come down.

Thrugelmir

See if your existing lender will port the mortgage to the new property. Will at least save you the ERC plus the other costs involved in remortgaging.