We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Mortgage on new house

dexterwolf
dexterwolf Posts: 360 Forumite
Eighth Anniversary 100 Posts Combo Breaker
in Mortgages & endowments
We are looking at buying a new house . My current mortgage is 78k over 27 years. I have some savings so want to buy a bigger home . The cost of the current home is 115k and the new home would be about 165k . My mortgage payments will only be on the 78k as I don't need to borrow more. Will I get charged anything for this? I am on a 3 yr fixed that runs out in August so is it best to wait until nearer that time?

Comments

  • Contemptuous
    Contemptuous Posts: 516 Forumite
    You could probably opt to port the mortgage to avoid ERCs and then come August when you revert to the SVR look at fixing again.
    There'll be a valuation fee to pay most likely, and of course legal fees and stamp duty. I guess anything else is dependant on the lender.
    Slummy mummy!
  • dexterwolf
    dexterwolf Posts: 360 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    I have spoken with my Mortgage provider and they have said in May I can take out another fixed rate with them. This would be portable should we move at no extra cost. As the Mortgage amount will stay the same as I will be using savings to make up the rest I take it then I wont get any other charges apart from the mortgage provider apart from the fee for the mortgage and the valuation ?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 247K Work, Benefits & Business
  • 603.6K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture