Fixed Rate or SMR - Short Period

NonPhixion

Evening all,

I am in the final stages of a divorce and one of the assets soon to be marketed for sale is the family home. The 5 year fixed rate we have on the mortgage (3.44%) comes to an end on August 31st. I suspect it highly unlikely the property will be sold by then so we need to either re-mortgage and fix (for a short period) or go on onto our lenders (Nationwide) SMR. The SMR Nationwide quote looks to be 3.59% which would represent a small increase in monthly payments (which I would like to avoid given the situation we are in if possible). The other option I have is to look to fix for perhaps 1 year and subsequently based on current rates significantly reduce our payments. My concern is if we go with the latter of the options (and re-mortgage for 1 year) we may look less attractive to our respective future lenders when we purchase properties of our own IF credit checks are done on us (our credit scores are fine, but I am wary of the hard search that will be left behind).

I suspect if we fix for a year with our current lender they may not perform these credit checks?

Any advice, guidance and\or experience the community here has on this would be helpful. I am due to speak to Nationwide directly about this in the next few days.

Advice greatly appreciated 😊

Thrugelmir

Lenders don't offer 1 year fixes.  Is there a base rate tracker option? You can look online. 
The Nationwide will not credit check for an online product switch. 

LRmortgage

You’re probably best with an ERC free Base rate tracker, I just put a client on one with Nationwide last week.