Selling house when fixed rate term ends - help!

Sara21

Morning all,

I'm trying to weigh up my options before my 5 year fixed mortgage deals ends next year and was hoping some of you lovely people could give me some advice!

My partner moved in with me last year but has a long commute so we we're considering a move somewhere between our two jobs when my deal comes to an end. Am I better off selling my house when my deal ends while we're looking for a house so that I'm not in a chain, or will this incur ridiculous early repayment fees? We both get on well with parents so will have somewhere to go rather than rent while we're looking for a new place.

Any advice would be much appreciated

[Deleted User]

There wouldn't be an early repayment fees if your deal has ended.

Sara21

Hi zx81,


Thanks for the quick response! That sounds too good to be true so I'm not sure if I've phrased it clumsily - at the end of the 5 year deal there would still be 20 years left on the mortgage, would there be any early repayment costs if I sold the house and used the money to pay off the mortgage?


Thanks

davidmcn

Generally, there is no penalty for paying off a mortgage early (other than modest charges for discharging it etc). Significant penalties only usually come in while you are on a special deal for a fixed rate etc.

somethingcorporate

If your fixed rate has ended the costs for clearing the mortgage are generally quite small (<£100). Check your mortgage docs or call your provider and they will give you the specifics.

Sara21

That's brilliant - thank you all for your help