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What would you do?
LivesinKent
Posts: 6 Forumite
Hello so our joint mortgage fixed term ends in May 2021. We would usually re-fix but circumstances are up in the air and if we do re-fix then we could need to pay a fee of around £3500 to leave the fixed deal. So with this in mind, would you go to SVR, tracker or just re-fix. Has anyone been in this situation before, i.e. unsure of the future and wanting to go for the cheapest option (for the time being at least). With potential to re-fix again in the coming months. Do SVR and tracker deals, allow you to change to a fixed deal at any time without penalty? Many thanks
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@liveskent I did a remo for a client in a similar situation last week and they were put on a tracker product which had a competitive rate and no exit fee. That's one option. Not all tracker deals offer no-fee exits, it depends on the lender/product. On SVR, you're almost certain to have zero exit fee.
The first port of call would be to see if you current lender offers a low/no exit-fee product as switching to that should involve no cost, no affordability assessment or paperwork.I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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