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Renewing mortgage deal when house sold
Biscuit31
Posts: 15 Forumite
So my house is currently sold stc however I’ve just been offered a new mortgage deal by current lender (current deal ends in September). Lender has said that if I renew now and the interest rate is better, then new deal can begin straight away overriding current deal. This is absolutely music to my ears and I’ll explain why, it almost sounds too good to be true.
Broken up with ex partner hence selling house. Early repayment fee on current mortgage deal is circa £7K which we were resigned to having to pay. Now we’ve been offered new deal and can transfer onto a 2 year tracker mortgage with NO early repayment fee which happens to be cheaper than our current deal. Our house sale will likely go through in 6 or so weeks time, at that point we will pay back the mortgage in full.
I’ve just read all the T&C’s in the new mortgage offer and there’s nothing saying I can’t do this. Does this sound too good to be true or have I just got lucky with timing?
Also to add, I did try porting 50% of my existing mortgage and topping up a bit to buy new place but current lender wouldn’t do it so had to go to another lender who would. Oh the karma if I get to leave them without paying any fees
Broken up with ex partner hence selling house. Early repayment fee on current mortgage deal is circa £7K which we were resigned to having to pay. Now we’ve been offered new deal and can transfer onto a 2 year tracker mortgage with NO early repayment fee which happens to be cheaper than our current deal. Our house sale will likely go through in 6 or so weeks time, at that point we will pay back the mortgage in full.
I’ve just read all the T&C’s in the new mortgage offer and there’s nothing saying I can’t do this. Does this sound too good to be true or have I just got lucky with timing?
Also to add, I did try porting 50% of my existing mortgage and topping up a bit to buy new place but current lender wouldn’t do it so had to go to another lender who would. Oh the karma if I get to leave them without paying any fees
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