Remortgage and move soon after

piratematt

Hi all,

I would appreciate a little of advice please.


Quick Explanation
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1. I want to remortgage to get a better deal as I'm now in a position to - and would save hundreds a month

2. I also have my house for sale as I'm keen to move. I would of course need to port, or get a new mortgage 'best-case' weeks after acquiring a remortgage.

3. Credit rating is A+ - I've never missed a payment in my life, have used credit responsibly (NRAM excepted ) - the only issue until recently was the amount of unsecured debt - thanks to NRAM


Detail Explanation
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I've just recently (last week!) managed to pay our way out the NRAM together mortgage. After a year of channelling every resource I had after realising just how dire our situation was.

I've completely cleared the unsecured part (£27,000!) and now have a 'proper' mortgage amount remaining (£136,000) which I can move with no NRAM 12% penalty.

As the house has a few bitter memories thanks to NRAM (our fault, but bad advice 10 years ago) - we are keen to move away now.


So - our house is already on the market with about £30k equity now.

Of course our house might sell tomorrow...
It might sell in 6 months time.
It might take 12 months+
In all situations, it will take at the very least 9+ weeks to complete of course

So I'm keen to remortgage right now to Nationwide (seems our best bet)
They have a good deal on, one specifically with no Early Repayment charges (hence our best bet)

With an LTV of around 82% now I can switch to a rate of 2.24% (with no up front fee) or 1.84% (with £999 fee)

A huge saving from the 4.79% at NRAM (and potential 12% unsecured until recently)

Crucially though - is the lack of ERC on this deal

I'd be paying just £565 of my mortgage - whereas until recently I was paying £920

This £400 saved can than be used to overpay the remaining balance even quicker

But here's the problem.

If I remortgage and I sell my house next month or very shortly after...

I'll want a new house. And possibly a Nationwide mortgage - or maybe a move to Tesco.

Both my partner and I have perfect credit records, moving back decades

But - Will I have just ruined my chances of getting a mortgage with two applications so close together if I do remortgage now?

Thanks for any advice.