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Paying off current mortgage before house move
reedy16
Posts: 2 Newbie
My wife and I are planning to move home in the near future - as soon as we find somewhere having already accepted an offer on our current home.
Before that happens, our mortgage fix comes to an end on October 31st and, given we've been saving to move, we're in a position to pay if off. But, might not having an active mortgage have an effect on what we can borrow for our next house? It seems whilst savings rates are so low, there's little point going on to a flexible tracker at 2%+ or a new fix and porting when we move when we can be mortgage-free and not paying interest for a few months (or more). We're both in stable jobs and have an active agreement in principle with our current lender (but not the lender we'd ideally want to stay with for the new mortgage) to borrow the max we'd need.
Any advice appreciated.
Thanks!
Before that happens, our mortgage fix comes to an end on October 31st and, given we've been saving to move, we're in a position to pay if off. But, might not having an active mortgage have an effect on what we can borrow for our next house? It seems whilst savings rates are so low, there's little point going on to a flexible tracker at 2%+ or a new fix and porting when we move when we can be mortgage-free and not paying interest for a few months (or more). We're both in stable jobs and have an active agreement in principle with our current lender (but not the lender we'd ideally want to stay with for the new mortgage) to borrow the max we'd need.
Any advice appreciated.
Thanks!
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