Need a mortgage for short time after fixed expires

flowerfish

Hi, a bit of a lurker here and wonder if you lovely people could offer some advice:

I currently have a mortgage on my house of £150,000 on a fixed rate of 4.29% which expires in a month’s time.

I have two rental properties which I have decided to sell and are now both on the market which should pay off my mortgage.

I don’t have an offer on either property yet so need to decide what to do with my mortgage in the short term until I have the cash to pay if off.

I THINK my options are:

Stay with my current lender, pay the SVR until I clear my mortgage.

Get a new mortgage but not sure if that would be more expensive once fees etc are added.

Get a “one” type mortgage.

Going onto standard variable is going to be killer and obviously at this point I have no idea how long it will be before I can pay off these monies. How long is a piece of string when it comes to selling properties?!!!!!

Many thanks for any advice and sorry if I don't respond straight away, this work thing gets in the way!!!

luckyfool

Who is your current lender? They may be able to switch you onto either a flexible/offset type product or alternately a variable no ties deal. This may be a simple route for you.

Otherwise you can remortgage to a similar deal with another lender though whether this is worthwhile will depend on the length of time before paying the mortgage off.

I finished my LTSB fixed rate recently and just switched it to their no ties tracker at 0.39% above base rate for 2 years with no fees and it was an immediate process pretty much.

flowerfish

Thank you, will give them a call. I'm with Halifax.