Fixed term ending and wanting to move house

Nashefc

Hi All,

Looking for some advice as this will be the first remortgage I will do.

Basically our fixed 5 year deal ends in April, also me and my partner are looking into potentially moving house during this period as well. Hopefully for around the same cost as this house but could be more.

My question is would it be better to remortgage and then "port" when we find a house we like, or leave the current deal on a tracker rate and apply for fixed rate deals when we are ready to move.

Appreciate any advice.

Nathan

foxy-stoat

You will need to ask your lender if you can port your mortgage if you fix it again - if it was me I would let to go onto the SVR if you are that close to moving.

Edi81

Your lender may also have a tracker with no early repayment charges.

I’m planning on switching to a tracker when my fixed rate finishes as I may be looking to move.

Nashefc

Thanks Both,

So Edi81 you think best bet is to look for tracker mortgages elsewhere and not just sit on the current one when the fixed rate finishes?

Just need to make sure there is no charge to leave I suppose.

Thanks again,
Nathan

user1168934

Sounds like the exact same situation I am in. I am going down the remortgage route on a 2 year tracker deal with 0 fees and no ERC and switch anytime. If your current lender does this then it's even better (less hassle, no valuation). In my case, the tracker rate my current lender are offering is rubbish so I am trying a different lender.

Going to SVR is likely to cost you more month on month, but if you are sure you will move say within a month or two of fixed rate expiry then may be keep things simple and go for SVR.


I would personally avoid the "porting" route altogether.

Nashefc

Thank you, very helpful.

I will be honest I am paying 5.49 interest currently so I expect the Tracker that I automatically move onto to be same if not a bit less, although I could be wrong.

Suppose another question is if I automatically move onto the tracker deal and leave it whether I am subject to any of the potential roadblocks you mentioned.g. ERC, 0 fees and switch anytime.

Nashefc

Thank you for your reply.

I understand it could well be different when my deal actually ends. However I wanted to to gather just some advice and perhaps take advantage of my fixed deal ending/moving house around the same time.

As looking at other comments porting your mortgage with the chance of needing to borrow more can be more of an issue.

Thanks everyone once again!