Mortgage Dilema

captainusa

Hi,


I was wondering if anyone had any thoughts on my current situation. My wife and I were in the process of selling our house. Because of this, our current mortgage went onto the saver rate and we are paying £627 a month. Unfortunately, due to a mental health issue, my wife is taking 3 months off of work to get some help unpaid. I would no longer be in a position to take out a new mortgage if we sold our house and bought somewhere new while she is off. I plan to take the house off the market for a bit until she recovers.


My dilemma is; do I remortage now on a deal with no ERP charge or just continue with the current payments? I've seen some deals which would reduce the payments to sub £500 resulting in a bit of a saving. The current mortgage is solely in my name so her being off work wouldn't be an issue. Once she is better, we plan to remarket the house and try again.


My main question is how would it look if I were to remortage now to save a bit of money, but then if I sold the house in 4-5 months and apply for a new joint mortgage? Will the fact that I went through the whole process just a few months before be a negative factor to lenders, or do you think it wouldn't be an issue?


Any advice for this query would be appreciated.

dimbo61

What you would need to consider is ERC ( early repayment charges) if you take a new deal now then sell the property in a few months time.
You are currently on the SAVER RATE ? or do you mean the SVR standard variable rate ?
You could look on your current lenders website for new deals for existing customers and sign up to a tracker deal with no ERC,s
No idea who your lender is

YHM

As above, more detail is needed.

There shouldn't be any issues if you switched to a flexible rate to cut your costs, subject to them not carrying ERC's.

What is the SAVER rate you mention? Who is your lender?

ACG

Some lenders have products with no ERCs. Last year I remortgaged my home with a lender who did this, that was in September time.

I then sold up and moved in April/May time. No idea if the lender was happy or not, but if their products allow it, thats their problem.