SVR or fix?

taylor86

I live in a house EA valued at 115k. Bank valuation 108k. Our current LTV is bordering 85-90%. We want to sell the property and will look to put down a 10% deposit on a new property. The house has been on the market since March. Realistically to sell we will probably need to reduce the price but that isn't an option just yet.

We are currently on Halifax SVR 3.99%. As we won't sell the property easily I am considering switching to a fixed deal that we can port. When we move we will be increasing the mortgage though. Can anyone give advise on this? Would it better to just hang fire or go ahead and fix?

dimbo61

Not really a good idea as your current lender may say no to extra borrowing and you would then have to pay an ERC to get out of the fix when you sell.
Stay on the SVR and build up savings to help when you move.

taylor86

Thanks, I hadn't thought of that

getmore4less

should be fairly easy to tell what you can get if priced properly.

depends how much you need to move and how long that will take.

a new 2 year deal now will just time the market for 2 summers time

Thrugelmir

What's on offer?