End of fixed-term and moving

Veejjt

Hi all,

We are now at the end of our fixed term mortgage rate!
Problem is, our house is on the market (and we have reserved a new build), we had a buyer but they have since pulled out
Obviously we don’t want to fix another 2+ Years in outlets current home but the standard rate is horrendous!
Is there anything we can do to avoid the high monthly payments until we have moved?

This has been a very stressful process for us and we have already ploughed so much many into the move (we were a week before exchange dates when they decided to pull out)
Any advice would be greatly received

Thank you x

Edi81

Who is the current mortgage with?
It sounds as though you are planning to sort out a brand new mortgage when you move.

You could consider the following:

A discounted tracker with no fees if your current lender has one that can be redeemed with no fees

Taking a new fixed rate that is portable

Staying on svr. If you think it’s a horrendous rate (likely to be 5%) are you prepared if interest rates went up.

Veejjt

Hi, thank you for your reply.

We are currently with Halifax and have the new mortgage also arranged with Halifax as they waived the early repayment charge (which no longer applies now anyway).

I think I will give Halifax a call and see what they say then. Everything is so up in the air and just one thing after another!

Boggling or what!?

JonathanBFS

Are you in an application? Or had the mortgage offered? Or just dip stage?

If so, better options other than Halifax in terms of rates!

You may just have to accept the SVR rate for now. Work out the ERC on a 2yr deal over the increased monthly cost on SVR for time being. There will be a breaking point.

I’d look at better rates over halifax, certainly if going onto SVR.

amnblog

Speak to Halifax,

If you change the rate now, and they will still lend on the new purchase, they should let you take the new rate with you.

It's called porting.