Remortgage delays due to Covid

Dips80

My mortgage product term is coming to an end on 31 January 2021. It has been 6 weeks since we (intermediary and I) sent documents to new lender. They are experiencing delays due to covid. So, the remortgage is not going to complete by 31 January. Could I go to my current lender and ask them to extend the end date of product term for a couple of weeks? Does anybody have any suggestions? Thanks 

MFWannabe

Can’t imagine your current lender will do that as you’re not staying with them 
you’ll revert to variable rate 

Thrugelmir

Will drop to variable rate. Unless there's a penalty free tracker that you can switch too. Until the remortgage is completed. 

K_S

Dips80 said:

My mortgage product term is coming to an end on 31 January 2021. It has been 6 weeks since we (intermediary and I) sent documents to new lender. They are experiencing delays due to covid. So, the remortgage is not going to complete by 31 January. Could I go to my current lender and ask them to extend the end date of product term for a couple of weeks? Does anybody have any suggestions? Thanks 

@dips80 Unfortunately, they will not oblige. If by some stroke of luck your current lender happens to be Nationwide, you could consider doing a product switch to a no-fee no-ERC tracker until your remortgage completes. Off of the top of my head, I can't think of any other mainstream lenders who offer such a product.

Dips80

I am looking to move and buy a family home in about two years. I am thinking to keep my current home and let it out (although the rental yield is not as high as it could be compared to other homes outside of my area, I’m hoping the value of the property would increase in 30 or so years given that the house is in a good location). Is it financially better for me to overpay on my current mortgage given that my current interest rate is very competitive or save for a bigger deposit on the new house ? Thanks