Flexible mortgage

user758

Hello clever money people, I am looking for some hopefully high level advice about mortgaging in my current situation.

I am coming to the end of a 5 year fix in June and have a good LTV of 40%. It is likely that at some point this summer I will move in with my boyfriend but we're not sure yet who would move where, so I would potentially need to get a residential mortgage with a provider who is likely to allow consent to let early into a term. It is also possible that in another year or two I may want to release some of that equity to buy another house, so I don't want to be tied into a mortgage that won't allow me to do that, or a long fix with ERCs if I have to remortgage to get money out.

All that being said, I obviously want to do the best by myself and not end up with a high rate to be completely flexible should our happy plans not errr... go to plan!

Is anyone able to suggest providers that may fit the bill? :beer:

getmore4less

can't comment on the lender and their consent policies.

If one of those that is amenable on consent to let has an offset product that would give a lot of flexibility.

remortgage to the amount you want to release and offset the spare cash till you need it.

If First direct fit the consent to let they have an offset that can be run on an interest only basis which is also handy if letting.


Good Broker for this one

user758

Thank you, I hadn't thought of offset mortgages. A follow on thought though - I would anticipate at least 100k equity to be released for a new purchase, which would put me over the FSCS protection limit. Or does that not count in the case of offset savings amounts?

getmore4less

Set off applies so the worst that happens is the debt gets paid off and you have to start again.

ACG

Im not allowed to name lenders, but my deal came to an end in September. I knew I was going to move so I took a mortgage out with a lender who has no ERCs on a variable rate. The rate was pretty good.

I am not sure about their stance on CTL but most lenders do allow it after a period of time.

It can be done but if you are struggling speak to a broker. There were 2 lenders I found who at the time were a lot cheaper than the rest, one was a high street lender the other wasnt.