Remortgaging dilemma

absolute0

Our 5 year fixed mortgage is coming to an end, however, we are looking to put our house on the market in the next few months.

As this is the first time of having to remortgage I have the dilemma of staying with the SVR rate for what could be anything from a couple of months to god knows how long, or looking for another mortgage that I would end up changing when I buy a new house.

I've spoken to L&C and they mentioned, a month ago, a no repayment fee mortgage until we purchase, but having spoken to them today they considered this a short-term lending and couldn't recommend anyone.

What options do I have here?
Appreciate your thoughts.

pinkcheshirecat

You could look at a mortgage product that allows porting- and then apply to port the mortgage to your new home. You’d need to be fairly certain you’d meet criteria with the new property though...

Thrugelmir

Does your current lender offer a tracker mortgage product?

absolute0

Current mortgage is with the Coventry, they mentioned that most of their mortgages are portable, but would need to understand more as to how this works and whether mine is eligible.

Coventry do offer fixed, variable & offset mortgages. The offset ones come with a £999 product fee, but doesn't have a repayment charge.

absolute0

After speaking to the Coventry we have come to the conclusion that a 5 year fixed flexx mortgage may be the way to go, no fees, portable and at 2.19% bringing our mortgage term down from 17 years to 14.5 years (saving £6k) and paying roughly the same in repayments.

As it is portable, when we come to selling and want to remortgage, we can keep our current mortgage at the fixed rate and take out an additional mortgage for the remainder.

After mulling this over we have been thinking of keeping the term the same, 17 years, reducing the monthly repayments (from £630 to £500) and overspending until will want to sell, which would give us the flexibility to reduce the initial mortgage payments (to £500) when we come to take out the second mortgage (if that makes sense).

When speaking to the coventry (after them sending over the agreement paperwork at 14 years) about changing the term back to 17 years, they got us confused by saying that the mortgage term can be altered at any time without occurring any fees, so when we want to sell we could increase the term back to 17 years.

Is this correct, can you change your mortgage term at any time without incurring charges? The don't seem to mention this in their paperwork.