Re-mortgaging when possibly selling within 2 years?

chrishar

Hi
I want to get a better rate by re mortgaging but don't want to be tied in and have to pay a big fee if I sell in a year's time.
http://www.barclays.co.uk/mortgages/buy-to-let-mortgages
At the link above there are a couple of trackers which say none next to the early redemption fee. Does this mean I could re mortgage to this and sell in a year and avoid a penalty?
Thanks

Thrugelmir

Both have £1499 product fees. Also switching lenders will incur significant cost. So you need to crunch the numbers to ascertain if remortgaging is a worthwhile exercise. Or simply staying put on a variable rate is more beneficial.

chrishar

There are some with no product fee and no redemption fee. I just want to know if switching to one of these means there is no tie in. Would I be able to get a better rate for one year then sell the property and pay off the mortgage?

getmore4less

what product does your current lender have.

chrishar

Current lender has similar products as other lenders. I just want to know if I get one with no upfront product fee and no early redemption fee whether I can sell within the first two years without a penalty. I want the best rate now if possible but avoiding fees at all costs.

AnotherJoe

chrishar wrote: »

I just want to know if I get one with no upfront product fee and no early redemption fee whether I can sell within the first two years without a penalty.

Of course. That's what it means not to have an early redemption fee. No doubt the lack of fees will be offset by higher interest rates. No such thing as a free lunch.

chrishar

Hi Joe yes the rates are higher and generally tracker rates that have no e.r.f. but still lower than the 3.89 svr I pay now.