New mortgage help please

richweeks

Hi there

Im from the uk

Id like some advice please.  We currently have a mortgage on a property valued at 400k. We are on a 2 year fixed rate of 1% and theres about 200k left to pay on mortgage. 

Our 2 year fixed rate ends in october 2021 when well move to SVR unless we remortgage onto another deal. 

We are looking to move homes in december 2021 and are looking to borrow more money (100k more) 

Im unsure what the best course of action is in our situation... Should we remortgage now? Or go on the standard variable rate until december?  Or is there any other better way? 

Thank you

K_S

@richweeks Which course of action is best suited to your requirements will depend on the specifics but a few of the general options you have are -

1. stay on SVR till the move. This could end up being expensive depending on the lender and hope long it actually takes to complete on your new house

2. switch products or remortgage to a low/no ERC low/no-fee product so that when it's time to move you have maximum flexibility

3. new portable fixed rate product and hope you are able to port it.

Personally, based on the limited info in your post I would consider 2 or 1 depending on how much of a gap you expect to have between the current fix ending and completion on the new house.

MWT

richweeks said:

Our 2 year fixed rate ends in october 2021 when well move to SVR unless we remortgage onto another deal.

You are within 3 months of your current fix ending so you should already be able to see the retention products that your lender is offering to you, so take a look online and see what your choices that fit the 'low/no ERC low/no-fee' objective.

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