Fixed rate ending and moving house - help!

nat_

Hi, we have just sold our house and we are looking for a new house. But our fixed rate ends at the end of September. With the news today, is it advisable to get a new fixed rate mortgage now whilst we look for a new house? Our mortgage is about £250k. Once we find a new place we'd need to port that mortgage and then get additional borrowing of £100k. 

Can we do that so close together?! I'm worried that if we wait we're going to end up with very high interest rates on a £350k mortgage otherwise!! 

K_S

nat_ said:

Hi, we have just sold our house and we are looking for a new house. But our fixed rate ends at the end of September. With the news today, is it advisable to get a new fixed rate mortgage now whilst we look for a new house? Our mortgage is about £250k. Once we find a new place we'd need to port that mortgage and then get additional borrowing of £100k. 

Can we do that so close together?! I'm worried that if we wait we're going to end up with very high interest rates on a £350k mortgage otherwise!! 

@nat_ If you are confident that you will meet criteria+affordability for your current lender to lend you 350k when it's time to port in a few months, then you can indeed consider taking out a new fixed-rate and replying on being able to port.

You will have to check with your specific lender, but off of the top of my head, I don't recall coming across a minimum time limit before you can port.

nat_

K_S said:

nat_ said:

Hi, we have just sold our house and we are looking for a new house. But our fixed rate ends at the end of September. With the news today, is it advisable to get a new fixed rate mortgage now whilst we look for a new house? Our mortgage is about £250k. Once we find a new place we'd need to port that mortgage and then get additional borrowing of £100k. 

Can we do that so close together?! I'm worried that if we wait we're going to end up with very high interest rates on a £350k mortgage otherwise!! 

@nat_ If you are confident that you will meet criteria+affordability for your current lender to lend you 350k when it's time to port in a few months, then you can indeed consider taking out a new fixed-rate and replying on being able to port.

You will have to check with your specific lender, but off of the top of my head, I don't recall coming across a minimum time limit before you can port.

Thanks so much! That's really helpful. Is there a timeframe in which you can borrow more quite soon after getting a mortgage? 

Steve_KCS

nat_ said:

K_S said:

nat_ said:

Hi, we have just sold our house and we are looking for a new house. But our fixed rate ends at the end of September. With the news today, is it advisable to get a new fixed rate mortgage now whilst we look for a new house? Our mortgage is about £250k. Once we find a new place we'd need to port that mortgage and then get additional borrowing of £100k. 

Can we do that so close together?! I'm worried that if we wait we're going to end up with very high interest rates on a £350k mortgage otherwise!! 

@nat_ If you are confident that you will meet criteria+affordability for your current lender to lend you 350k when it's time to port in a few months, then you can indeed consider taking out a new fixed-rate and replying on being able to port.

You will have to check with your specific lender, but off of the top of my head, I don't recall coming across a minimum time limit before you can port.

Thanks so much! That's really helpful. Is there a timeframe in which you can borrow more quite soon after getting a mortgage? 

I literally fixed for 5 years in my current home to get a 2.99% rate when I sold. As soon as the rate took effect at the start of the following month I applied to port my mortgage on the purchase of my new house.

I also applied for additional borrowing so I have two mortgage products. This is with Nationwide 

Sarah1Mitty2

nat_ said:

Hi, we have just sold our house and we are looking for a new house. But our fixed rate ends at the end of September. With the news today, is it advisable to get a new fixed rate mortgage now whilst we look for a new house? Our mortgage is about £250k. Once we find a new place we'd need to port that mortgage and then get additional borrowing of £100k. 

Can we do that so close together?! I'm worried that if we wait we're going to end up with very high interest rates on a £350k mortgage otherwise!! 

Compared to the past rates are still super low.