What to do when original mortgage deal ends?

JessicaMM

Hello experts,

I bought a flat eighteen months ago with a 2yr deal, so it ends in June. I paid £195k when I bought, and compared to others in the local area, it would probably be valued now at about £220k (I haven't had a new valuation). My salary is 40k and in June, I will have about 145k left on the mortgage. I'd like to move in late 2019/early 2020. Am I best off just leaving the mortgage to run on rather than remortgaging and having to pay a fee...?

Thanks for any advice!

YHM

Hi Jessica

Much better to remortgage, but ensure that the rate that you move on to is appropriate for the potential house move. You also shouldn't need to pay any fees, if you source the right product. Maybe use a broker for this?

JessicaMM

Hi YHM, what's the process with a broker? Would I need to get an independent valuation too to decrease my LTV?

The other thing is, my situation is going to change in mid 2019, meaning I will have a lot more disposable income. At the moment i pay about £500 a month, but from then, I'd like to increase it to at least £750 (and/or reduce the term). As that's pretty close to the time I'm planning to move, I would probably be best off waiting to overpay the next place. But I don't know if there are mortgages which would be suitable for under 2 years without set-up fees or an exit fee that'd make it worthwhile?