Avoid remortgage due to change of circumstances

alienuk

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

[Deleted User]

Who is your lender?  

When i have clients in this situation i will try to move to a no ERC product.  Usually a tracker or discount rate with no up front fees and no exit charges

alienuk

Deleted_User said:

Who is your lender?  

When i have clients in this situation i will try to move to a no ERC product.  Usually a tracker or discount rate with no up front fees and no exit charges

Many thanks for your response. It is Nationwide

Thrugelmir

Have you checked what options are available to you? 

[Deleted User]

alienuk said:

Deleted_User said:

Who is your lender?  

When i have clients in this situation i will try to move to a no ERC product.  Usually a tracker or discount rate with no up front fees and no exit charges

Many thanks for your response. It is Nationwide

they usually have a no fee no erc tracker rate which might be a good idea to give you some time to figure out your plans

alienuk

Thrugelmir said:

Have you checked what options are available to you? 

Not yet, I am just trying to check with experts in the forums before reaching out to Nationwide. 

K_S

alienuk said:

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

@alienuk Well, as a Nationwide customer, you're in luck! You should have access to a product switch to Nationwide's no-fee no-ERC 2 year tracker. Once you're on that you can decide what to do and exit the mortgage when needed.

For a product switch, there should be no underwriting, assessment or credit checks. Just 5 minutes of your time and a few clicks or a short phone call.

Thrugelmir

alienuk said:

Thrugelmir said:

Have you checked what options are available to you? 

Not yet, I am just trying to check with experts in the forums before reaching out to Nationwide. 

Should be able to view the options online. 

alienuk

Deleted_User said:

alienuk said:

Deleted_User said:

Who is your lender?  

When i have clients in this situation i will try to move to a no ERC product.  Usually a tracker or discount rate with no up front fees and no exit charges

Many thanks for your response. It is Nationwide

they usually have a no fee no erc tracker rate which might be a good idea to give you some time to figure out your plans

Thanks again. Their statement says that after the 2 year fixed offer period the interest rate will increase. I will speak to them tomorrow and find out the options available. 

alienuk

K_S said:

alienuk said:

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

@alienuk Well, as a Nationwide customer, you're in luck! You should have access to a product switch to Nationwide's no-fee no-ERC 2 year tracker. Once you're on that you can decide what to do and exit the mortgage when needed.

For a product switch, there should be no underwriting, assessment or credit checks. Just 5 minutes of your time and a few clicks or a short phone call.

Glad to know there are options, cant wait for them to speak tomorrow. 
What is the liability for nofee, no erc product? Will i pay more interest? currently i am doing 1.99% 

[Deleted User]

the rate is pretty much the same as the fixed option.   Log in to your mortgage online and you will see both options.   2 clicks and you are done