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Two year fix expiring, looking to move: renew and port?
Options
macarena123
Posts: 50 Forumite
Hello MSE'ers!
Hoping for some advice here. I have a 2 year fix (Barclays) that's expiring next month. I am also starting the process to look at moving - my house is going on the market this month. I'm looking to buy somewhere around the same price, or hopefully lower, so ideally would not be extending my borrowing. The current rate is pretty good - seems to be about par with the competition.
The mortgage is portable, so I could renew to a new product and then look to port. But I'm concerned that I'll be tying myself into Barclays and limiting my options in terms of a mortgage on the new place. Both for rate, but also suppose Barclays have changed their lending criteria (I've been with them 6 years) and throw up any issues about me/the new property. I could find myself in a bit of a bind. OTOH I don't want to be paying the variable rate for long either.
It's a quandary, basically. Any experience/thoughts much appreciated!
Thank you
Hoping for some advice here. I have a 2 year fix (Barclays) that's expiring next month. I am also starting the process to look at moving - my house is going on the market this month. I'm looking to buy somewhere around the same price, or hopefully lower, so ideally would not be extending my borrowing. The current rate is pretty good - seems to be about par with the competition.
The mortgage is portable, so I could renew to a new product and then look to port. But I'm concerned that I'll be tying myself into Barclays and limiting my options in terms of a mortgage on the new place. Both for rate, but also suppose Barclays have changed their lending criteria (I've been with them 6 years) and throw up any issues about me/the new property. I could find myself in a bit of a bind. OTOH I don't want to be paying the variable rate for long either.
It's a quandary, basically. Any experience/thoughts much appreciated!
Thank you
0
Comments
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So go on the SVR for a short period of time or check what deals Barclays have for existing mortgage customers which don't have an erc.
Maybe a tracker deal but check the terms and conditions very carefully.0 -
A job for a Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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