Mortgage/Redemption fee

markharriers

Hello i hope someone can give me some advice please.

My partner and I are looking at buying a house together but currently both have our own existing mortgages with redemption fees, I would be greatfull of any advice given so we avoid paying both redemption fees.

Thank you for any advice given in advance.

alex_163163

Are either of the existing mortgages portable? If so that would/ could mitigate the redemption fee on one of the mortgages.

[Deleted User]

Which lender are you with?
How long left before the penalties expire?
Are you selling both properties to fund the new purchase?

ec9wrr

Factor in that paying the fee may open up the chance of a better deal. If you port, will the value ported be enough or will you need a second mortgage. If you’ll need more, be aware that’s likely to be a second account (which means you have to have the same provider)

markharriers

Deleted_User wrote: »

Which lender are you with?
How long left before the penalties expire?
Are you selling both properties to fund the new purchase?

Thank you for your help, i am currently with first direct and yes i have equity in my house also i have 3 years left to go on my fixed deal. My partner has 2 years left to run on her fixed and also has equity in her house.

[Deleted User]

Was thinking it might be possible to port both if they were both with the same lender but I have just checked with HSBC (who have same policy as First Direct on most things) and they said it isnt possible.

Its just going to be a case of factoring in paying at least one of these fees in your moving costs. Perhaps check the rest of the market to see if a better deal can be found than your current ones.