Fixed deal coming to end but moving this year, advise please?

cameroon95

Hi Guys,

My first flat is soon to go on the market in a few months and my fixed deal is away to end so im away to be put on satanders standard variable rate which takes my mortgage payments from 476 to 555, approx 80 pounds additional interest per month,

I will have a fairly large deposit with sale of my property , hopefully 70kish for deposit to a new house(bigger joint mortgage hopefully) this year if the sale goes through, Im really not sure what to do should I go for another deal and try port the mortgage over to my new property or is this too risky?

Apologies i, Im just not that clued up on this type of situation.
Thank you,

glosoli

cameroon95 wrote: »

Hi Guys,

My first flat is soon to go on the market in a few months and my fixed deal is away to end so im away to be put on satanders standard variable rate which takes my mortgage payments from 476 to 555, approx 80 pounds additional interest per month,

I will have a fairly large deposit with sale of my property , hopefully 70kish for deposit to a new house(bigger joint mortgage hopefully) this year if the sale goes through, Im really not sure what to do should I go for another deal and try port the mortgage over to my new property or is this too risky?

Apologies i, Im just not that clued up on this type of situation.
Thank you,

When it comes to porting applications, remember you are porting the rate, you are not porting the mortgage. The application is still fully subject to full mortgage application, which includes income, expenditure, credit scoring and valuation, and there is no guarantee that any subsequent application is going to be approved, leaving you in a position where you will have to incur an early repayment charge and move lender if it is declined. Unfortunately this is the reality day in and day out for people trying to port their mortgage.

Whereas on the other hand, if on the new property you get a fresh mortgage, you are able to tailor it to suit your new circumstances in regards to term, and if you require further borrowing, then everything will be on the one single rate of interest, rather than two separate accounts with two separate payments.