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Moving home, should I clear mortgage first?

grambo

grambo Posts: 34 Forumite

10 June 2014 at 12:08PM in Mortgages & endowments

Hi,
I'm looking to move home, and have a small (flexible/portable) mortgage on my current property which will be due to clear within 12 months. Can anyone advise of the advantages/disadvantages of clearing this early and applying for a new mortgage on my new home, or just moving it to the new property with additional lending?
thanks

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Comments

Thrugelmir Posts: 89,546 Forumite

10 June 2014 at 1:05PM

With such a short period of time to run then there's really no benefits or negatives. What rate of interest are you paying?

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grambo Posts: 34 Forumite

10 June 2014 at 1:34PM

+0.27% above BOE rate for term

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Thrugelmir Posts: 89,546 Forumite

10 June 2014 at 1:55PM

Might as well let the mortgage run it's course.

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