Remortgaging advice needed - thinking of moving in a few years

WLITC

So I am about to remortgage, I have a shared ownership flat and my original two year deal is up next month and it looks like we will go will TSB. Now my advisor suggested I go I go for a 2 year deal as I have indicted I might look to sell in 2 years. But I am not 100% sure if I will sell at that point and it feels like that might come around pretty quickly (would prob need to start looking at the end of next year) so I am wondering whether I should get a 5 year mortgage instead. TSB deal appears to be portable, so in theory I could move it, although I know its a bit more complicated or I could pay the early exit penalty.  

My concern is if I don't feel ready to move by the time the new 2 year deal is up, then I'll have to get a new product with TSB for another 2 years. Not sure what the better option is, going 5 years and doing the portability route, or even just switching to a new product deal with TSB in 2 years if I'm not ready?  Any thoughts on the best route? 

dimbo61

I guess the 2 year deal is a lower interest rate ?
Many people have fallen foul of so called " portable " mortgage deals where the lender has said No when they are looking to move properties.
I think this is the reason your advisor is looking at the 2 year deal.
It is always better to have the whole Mortgage market when shopping for a new mortgage.
ERC,s can really hurt with some 3/4/5% of the amount borrowed

WLITC

dimbo61 said:

I guess the 2 year deal is a lower interest rate ?
Many people have fallen foul of so called " portable " mortgage deals where the lender has said No when they are looking to move properties.
I think this is the reason your advisor is looking at the 2 year deal.
It is always better to have the whole Mortgage market when shopping for a new mortgage.
ERC,s can really hurt with some 3/4/5% of the amount borrowed

Yes 2 year is bit lower but not buy much. My mortgage advisor did briefly mentions the possible complications with portability and to be honest I prob would prefer not to have two mortgages. I guess unless anyone presents a strong argument for it I’ll stick with 2 years then and hope the rates haven’t gone up too much by then. 

dimbo61

The best way to reduce your debts is
1 Live the MoneySavingExpert way of life
2 Overpay your mortgage if you 
A, Don't have other expensive debts
B, Can't pay extra into your pension

We have very aggressively overpaid our mortgage for the last 17/18 years with Offset mortgages and regular overpayments.

By doing this you might have a better LTV when you look at the next home