Mortgage plans when planning to sell

Bumblemoo

Hello everyone,

Firstly please forgive my naivety on this topic. My husband usually deals with the mortgage situation but circumstances have changed and I am now forced to deal with it.

I have had a mortgage renewal come in but I plan to sell my house within the next 6 months. The broker is asking me to sign up for a further 2 year repayment scheme. I'd really appreciate any advice on what I can do here and the cheapest possible solution so I am not hit with a massive penalty. I obviously plan to pay off the remaining mortgage figure from the house sale but need a repayment scheme in the interim until the sale is completed.

Thanks so much to everyone in advance, I'm at a loss here.

kingstreet

Remain on standard variable rate or see if your lender has among its customer retention products a penalty-free tracker-type option.

If remortgaging, ensure new lender has similar kind of product so you can repay without penalty at any time.

Don't accept you can port rate if you buy again to avoid penalty. If you don't meet lender criteria/affordability at that time, you won't be allowed to port.