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Renewing mortgages querie
Sue11
Posts: 91 Forumite
Hi everyone
My son has two mortgages that both run out of a 2 year fixed on the 31st April. One is a buy to let on interest only and the other a residential.
He is just about to renew them when he notices in the papers that next Tuesday mortgages will be going down.
He will have no problem renewing them, earnings wise, but if he changes mortgage companies and cannot complete by the 31st would he be liable for get out fees.
This is probably a huge open ended question but if anyone has an idea what he needs to do it could help.
Sue
My son has two mortgages that both run out of a 2 year fixed on the 31st April. One is a buy to let on interest only and the other a residential.
He is just about to renew them when he notices in the papers that next Tuesday mortgages will be going down.
He will have no problem renewing them, earnings wise, but if he changes mortgage companies and cannot complete by the 31st would he be liable for get out fees.
This is probably a huge open ended question but if anyone has an idea what he needs to do it could help.
Sue
0
Comments
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Do you mean in his mortgage papers or the newspapers?
If your son moves lenders after the 31st he would not have to pay any charges other than a deeds release fee which is around £100 give or take.
He would not be able to switch before the end of the month anyway as it is too close, it normally takes around a month.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Saturday mail had on the front page Santander reducing mortgage rates that all mortgage companies will follow.
Sue0 -
There is no 31st April, suggest he rechecks the paperwork."You've been reading SOS when it's just your clock reading 5:05 "0
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