We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help
Sparky221206
Posts: 2 Newbie
My wife and I have put our house up for sale unfortunately, we were due to re mortgage in August, the bank now say we cannot do that due to selling and are going to increase our payments to an extra £400 a month we simply can't afford this, is there anything we can do, .
0
Comments
-
Delay selling or sell it quickly.
It will cost you a fortune to remortgage and then immediately end the mortgage.1 -
Can we take it off market, re mortgage then put it back on?0
-
I remortgaged to Nationwide, I’m pretty sure my property was on the market at the time. I went on a tracker mortgage with no early repayment charge which was cheaper than the standard rate I was about to go on with the previous mortgage.1
-
You can, but make sure you understand the ERC. You probably don't want to pay 3-4% of the properties value in addition to your selling costs.Sparky221206 said:Can we take it off market, re mortgage then put it back on?2 -
If you tie into a new deal and then redeem the mortgage, there are usually early repayment charges, potentially in the thousands to pay.
Could you ask for a payment holiday/payment holiday because of corona?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards