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Remortgaging advice please!
drjonny
Posts: 4 Newbie
ANY ADVICE APPRECIATED!
My current mortgage deal is up in June so I'm currently in the process of finding a new deal and the idea of a longer fix was really appealing to me as I'm aware the current rates are record lows. Although I have no plans to move house currently I'm 37yrs old and living in my first house so it is a possibility I might want to upgrade in the next few years. I have £64000 debt with 13 years left to pay.
I have been discouraged from getting a longer fix because there is a chance I may move sometime in the future. Are the fees for moving usually a percentage of what you owe? So if its say 2% of my £64000 balance then won't this be the same on both a 5yr and 10yr fix? With my life circumstances (Im currently single) I don't think it's really possible to plan to move house when my deal comes to an end. So chances are I may end up moving house mid deal anyway so why shouldn't I get a longer fix?
If I only get a 2yr fix and I'm in the same situation in 2yrs time then I may have to fix at a much higher rate than I could get today.
Like I put at the top - any advice is much appreciated!
Jonny
Manchester
My current mortgage deal is up in June so I'm currently in the process of finding a new deal and the idea of a longer fix was really appealing to me as I'm aware the current rates are record lows. Although I have no plans to move house currently I'm 37yrs old and living in my first house so it is a possibility I might want to upgrade in the next few years. I have £64000 debt with 13 years left to pay.
I have been discouraged from getting a longer fix because there is a chance I may move sometime in the future. Are the fees for moving usually a percentage of what you owe? So if its say 2% of my £64000 balance then won't this be the same on both a 5yr and 10yr fix? With my life circumstances (Im currently single) I don't think it's really possible to plan to move house when my deal comes to an end. So chances are I may end up moving house mid deal anyway so why shouldn't I get a longer fix?
If I only get a 2yr fix and I'm in the same situation in 2yrs time then I may have to fix at a much higher rate than I could get today.
Like I put at the top - any advice is much appreciated!
Jonny
Manchester
0
Comments
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So is it a house with room for kids or a studio flat0
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Choose a product which you are able to port to a new property. This way you'll incur no ERC's. The term of the fix isn't an issue either.0
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