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Remortgage quandary
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JV_21
Posts: 12 Forumite
Hi, I'm wondering what others would do in my situation.
I want to put my house on the market in April or May and buy another one when I have an offer. My current mortgage deal happens to end in June. Is it worth remortgaging in case the process takes long or plans change? And would you get a fix or a tracker which would be cheaper? I would need to borrow more for my onward purchase.
Thank you
Thank you
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Comments
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If you really want to move home then get your property on the market ASAP.
It will take several months to sell your own home and buy a new property.
You may need to drop onto the SVR for a couple of months or a fee free tracker deal with No ERC,s0 -
Then it's highly possible that you won't actually move until July at the earliest.JV_21 said:I want to put my house on the market in April or May and buy another one when I have an offer.0 -
Correct and for one or two months I'm better off on the SVR. My concern is if it takes longer than that. I found a fixed of 2.29% or a tracker at 1.15% (base+0.65%). Neither have an ERC.
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You could do a product switch with your current lender, but remortgaging to a new lender sounds risky. I swear there was a thread on here a few months ago about someone who did that a few months before selling, and it caused problems because the land registry hadn't updated the mortgage charge record to the new lender yet.0
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Are either available from your existing lender, or would you have to remortgage to a new lender?JV_21 said:
Correct and for one or two months I'm better off on the SVR. My concern is if it takes longer than that. I found a fixed of 2.29% or a tracker at 1.15% (base+0.65%). Neither have an ERC.I am a mortgage broker. 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.0 -
I would suggest switch to a product with no ERCs with the same lender. It will be much cheaper than SVR and you are not tied in.0
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Those deals are with other lenders. My current lender doesn't have products without ERCs unfortunately.kingstreet said:
Are either available from your existing lender, or would you have to remortgage to a new lender?0 -
Better to get best product(no ERC) with current lender. Why stress to go through new lender application if you are planning to move?Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0
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