Want to move next year, fix ending Dec, options.

SG27

We are planning on moving next year and our 5 year fix ends in December. So our choice is switch to a new fix now and port the deal next year, or go on to the SVR until we move and avoid any potential high ERCs if we can not port.

Currently we are paying 2.99% we can switch to another 5 year fix, no fees at 2.24%. Or go onto the SVR at 4.74%, this is with YBS.

Im thinking go with the switch and port, but I am slightly concerned about tighter mortgage rules now potentially stopping us. I earn slightly more now, my wife slightly less and we have a baby now too. My thinking is if we dont meet the criteria to port our current mortgage then it is probably unlikely we will meet other lender's criteria either anyway. Using the ybs mortgage calculator at our current incomes well covers our current and potentially extra borrowing.

We will also probably need to borrow an extra £20 to £30k.

Amount outstanding is about £80,000 property mortgage valuation is £300,000
Anyrhing I am missing?

glosoli

Personally if I knew I was going to be moving home, I would not tie myself into a product, as it is never possible to pre-empt the outcome of a mortgage application with any certainty. When do you intend on moving?

SG27

Yes thats the thing, we could always try another lender if ybs reject us.


Does anyone know what YBS current customer retention products are for 5 year fixes? I have found a PDF from July which is where I got the 2.24% from but for new customers its 1.69% is the right?

dimbo61

Do Ybs offer existing customers retention deals which have no ERC,s say tracker deals ?
What does your existing fix revert too at the end of the fix ?
We had a 5year fix with YBS which reverted to a tracker

getmore4less

One option to consider is borrow more now, as long as your circumstances don't change and the new place is suitable to lend on and LTV stays under 50% you then port with no extra borrowing.

If you want to control the interest then offset may work.

SG27

getmore4less wrote: »

One option to consider is borrow more now, as long as your circumstances don't change and the new place is suitable to lend on and LTV stays under 50% you then port with no extra borrowing.

If you want to control the interest then offset may work.

Until we have an offer on our house and find a new house to buy we wouldn't be sure of the amount.

SG27

It looks like they do a 2 year tracker at 1.49% with only a 1% erc fee which would work out about £800. This would be about the equivalent of the extra payments on 6 months of 4.74% on the SVR. So might go for that, although I prefer the security of a 5 year fix.