We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Do I stick or switch?

Options
Hi, 

I am hoping to get some advice please. 

My mortgage rate comes to an end at the end of April and I will move to a variable rate of 3.99% (base rate +3.49%). My intention had been to move home but my circumstances have changed and this is currently on hold for now, but I am hoping not for long. My current lender, Barclays, only has rates with a minimum early repayment charge of 1% which I don't want as when I move I am not looking to port the mortgage as I do not want to have 2 mortgages of different amounts, lengths and rates running side by side. 

I have found a variable rate with Nationwide of 1.84% (base rate +1.34%) with no early repayment charges. But I don't know when I will be looking to move again, my hope is within the next 6 months but probably not within the next 3. Will it affect my credit score if I apply for a new mortgage between 3-6 months after an existing mortgage application? 

Just looking for advice on whether I stick or switch based on the info above? 

Thanks in advance

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Barclays, only has rates with a minimum early repayment charge of 1% which I don't want 

    Barclays have NO ERC trackers for existing borrowers some have £999 fee one has £99 fee.

    You can then do a tack and fix for the new mortgage(As you can with other lenders) to keep everything aligned.

    Having two sub accounts  is often not that big a problem does depend on the amounts. as the main issue is fees.


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.