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New Mortgage or Re-mortgage?

Options
I would be grateful for anyone's advice with this query (and apologies if this is a basic one but I'm stuck!).

My partner and I bought a house in the Midlands around 2 years ago. It's complicated but my partner lives there and I live in London with my parents (due to jobs etc). My partner is planning on moving to London so we want to sell the house in the Midlands and buy in London. The thing that is causing me a headache is that he will not be moving down until a few months after our 2 year mortgage deal ends and I'm confused as to what to do with our mortgage. The options I think have are:

1) Re-mortgage when the 2 year deal is up and then port the mortgage to whatever property we purchase in London. The problem here is that we'll certainly need a bigger mortgage in London and I'm not sure of the implications of remortgaging the orginal smaller mortgage and then increasing the loan amount a few months later?

2) Keep with the same mortgage provider for the couple of months after the deal runs out and take the hit of higher repayments (from reverting to the SVR) so that we can remortgage when we buy somewhere new in London.

3) Sell the house when the deal runs out (and before he moves down to London), my partner move in with his parents for a couple of months (and put the furniture etc into storage) and then be "first time buyers" in London.

I'm leaning towards option 3 but I'd be grateful for any advice!

Thanks :confused:

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Option 3 would be your best bet

    You would not be first time buyers though
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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