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Is it worth moving Our mortgage
barry1234
Posts: 12 Forumite
Our fixed rate mortgage (Halifax) of 2% has come to an end and our interest rate has reverted to a variable rate of 4.75% which has added over an extra £100 a month to our repayment.
We have just put our house up for sale, hopefully it’ll sell quickly but impossible to tell so may be 2 months or maybe a year
My question is is there such a thing as a fee free lower rate mortgage that I can repay at any time, or are we stuck with the higher mortgage repayments till our house is sold?
We have just put our house up for sale, hopefully it’ll sell quickly but impossible to tell so may be 2 months or maybe a year
My question is is there such a thing as a fee free lower rate mortgage that I can repay at any time, or are we stuck with the higher mortgage repayments till our house is sold?
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Comments
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For the hassle I'd stick with the SVR. No ERCs and no more paperwork to sort.0
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Are you planning to buy another property when yours sells? If so, it might be worth looking at a mortgage product that is portable.
- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2026 #15 400/2000 /// MFW 2025 #15 1628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £3.56
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Does your mortgage provider offer a tracker mortgage with no early repayment fee? If so, I would switch to that as the interest rate will be lower than the SVR.2023 Mortgage-Free Wannabe #19: £11,675.68/£13,000
Mortgage Overpayment Total: £22,397.10 -
Does your mortgage provider offer a tracker mortgage with no early repayment fee? If so, I would switch to that as the interest rate will be lower than the SVR.
No, they do not.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 -
You have reverted to 4.24% not 4.74%.
There are some options with other lenders with no early redemption penalties but whether they are worth considering depends on your personal situation.
If you intend to move and take a mortgage on the new property, the porting option on the Halifax products may be the solution.
Consult 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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