Need to renegotiate mortgage but also selling!

Thrugelmir

New property purchase = Full Mortgage Application.

There's never been a way to avoid this.

amnblog

Jhoney wrote: »

My current Lender offers 1.99% 2 yr tracker, no fees + 250 cashback. No ERC and exit fee £225.

Are you sure?

Jhoney_2

Yes i'm sure.

Jhoney_2

Thrugelmir wrote: »

New property purchase = Full Mortgage Application.

There's never been a way to avoid this.

Does that mean the answer to porting in Q1 is no?

amnblog

Sorry to press this but you are saying you are being offered a considerable saving on standard variable rate without a fee going in and no tie in - even if you redeem the mortgage IN FULL in the first two years.

Jhoney_2

Unless I have misunderstood Amnblog

SET-UP FEES BREAKDOWN
Booking fee:£0
Arrangement fee:£0
Valuation fee:£0
Other fees: £35
Cashback:£250

FLEXIBILITY
Overpayments allowed?
Yes
Early repayment charge:
Not Applicable

OTHER PRODUCT INFO
Exit fee:£225
Free Legals?No
Maximum LTV80%
Minimum Loan£6,000
Maximum Loan£5,000,000

Jhoney_2

PS the redemption is temporary in that I intend to purchase a property (I have learned on MSE that that means you redeem on completion) and a new mortgage starts, but the above is the KI on the Lenders website.

This also appears on the MSE mortages with a £35 fee (which may be a typo) but Lenders aite states zero fee.

Thrugelmir

Jhoney wrote: »

Does that mean the answer to porting in Q1 is no?

Porting only refers to the attached existing terms and conditions of the current mortgage i.e. interest rate and term. It's only these that are transferred.

amnblog

Jhoney wrote: »

Unless I have misunderstood Amnblog

SET-UP FEES BREAKDOWN
Booking fee:£0
Arrangement fee:£0
Valuation fee:£0
Other fees: £35
Cashback:£250

FLEXIBILITY
Overpayments allowed?
Yes
Early repayment charge:
Not Applicable

OTHER PRODUCT INFO
Exit fee:£225
Free Legals?No
Maximum LTV80%
Minimum Loan£6,000
Maximum Loan£5,000,000

This sounds like a Santander Loyalty re-mortgage product - I though you were talking about a product switch with your existing lender.

Jhoney_2

Sorry but I do not understand. If e.g at the end of my current fixed term, I arrange for a tracker as above, then I subsequently sell/buy e.g in August 2015. What happens next? Can/should I be able to begin a new tracker with same terms after paying the 225 fee and returning the cashback or does the tracker rate move with me and no fees are repayable? Or something else..perhaps i'm missing something.

Bottom line, SVR or do a tracker as next to no penalty?

Thanks again