Re-mortgage to get a fixed rate even if selling house in 14 months?

Douche

[FONT=&quot]Re-mortgage to get a fixed rate even if selling house in 14 months?[/FONT]
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[FONT=&quot]Disclaimer – sorry if any of this is stupid / elementary / makes no sense.

My two year fixed term has come to an end so I’m on a standard rate with no commitment.
The rate is fine but could go up soon I’m told![/FONT]
[FONT=&quot]Should I look to re-mortgage and avail of a better fixed rate? (my LTV is much improved now also – so when they re-quote this should help).[/FONT]
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[FONT=&quot]I think I’ll probably sell up within the next two years – and therefore will get stung when I pay off the mortgage early within the the fixed term contract.[/FONT]
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[FONT=&quot]So perhaps I’m better off on this rolling variable rate without commitments / tie-ins?[/FONT]
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[FONT=&quot]Any advice appreciated.[/FONT]
[FONT=&quot]Thanks[/FONT]

ConfusedofYorkshire

I'm certainly no expert, but I would imagine that any saving you make on interest will be wiped out on repayment charges if you leave in the term.
Also- I've written a post which speculates on interest rates, no one knows. But my best guess is they aren't likely to raise for 1.5-2 years. It's all about risk, and I think you'd be taking a bigger one by mortgaging.
Unless you go for a tracker with no fees or erc.

kingstreet

If you choose a customer retention product with your existing lender, or remortgage to a new lender, you have two options.

Choose a product with no early repayment penalties, or ERPs (if available) so you can pick a new lender/deal when you do decide to move.

Choose a new product with ERPs but accept you'll have to take your new mortgage with that lender when you move and avoid the ERP by porting* the rate to the first part of the new mortgage, taking any increased borrowing on one of the lender's current products at that time.

* Porting is not a right. As long as the mortgage product allows it and you can satisfy the lender's criteria at the time of doing it, it should be allowed. There is no guarantee the lender will lend to you again.

If you have any doubts, avoid any product with penalties, even if that means remaining on SVR for the time being.

Douche

Thanks very much. Really appreciate the responses. Great advice.