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New mortgage or re-mortgage?
jimpix12
Posts: 1,095 Forumite
Hi all, I am in a position finally to be able to pay off the remainder of my mortgage. We are planning on moving in the next few months, in fact a potential house has come up for sale this week. If we were to proceed with it, we'd need a new (but smaller) mortgage still.
I am not sure if it's better to pay off the mortgage we have currently now and then apply for a new mortgage, or get a re-mortgage to pay for any new home? FWIW our current interest rate is 2.99% tracker and there is a fee of £100 to pay off the mortgage early.
I am not sure if it's better to pay off the mortgage we have currently now and then apply for a new mortgage, or get a re-mortgage to pay for any new home? FWIW our current interest rate is 2.99% tracker and there is a fee of £100 to pay off the mortgage early.
"The only man who makes money from a gold rush is the one selling the shovels..."
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Comments
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Confusing post.
Are you saying port the current product or use another lender?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
If you want a mortgage on a new property, that'll be a new mortgage. Since it's a different property, it can't possibly be a remortgage.
Do you mean the mortgage you have now is portable? Even in that case, it's technically the rate that you port, not the mortgage.0
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