Mortgage deal expiring

chanz4

My fix comes to an end next month, but are thinking of moving so will be porting as well.  Balance is only 58k and have a 24% ltv

Initial fixed rate

4.06% until 31/01/2025   £410.50 2year

4.02% until 31/01/2028   £409.35 5year

3.68% until 31/01/2033   £399.60 10year

Payments are low as I have overpaid a lot since having the mortgage, which one would you go for and why?

housebuyer143

2 yr because I do not like to fix in longer than this. 

The 10yr depending on the lender will likely have very very high ERCs and that is a concern as you never know what might happen in the future. 10 years is a long time to commit to. 

K_S

@chanz4 If you will be looking to maximise borrowing during the move, I'd lean towards the fix with the kindest ERC so that I leave myself a bit of flexibility to change lenders when moving.

If you're certain that porting will serve your borrowing needs for the move, then perhaps one of the longer fixes.

To be fair with a relatively small loan size and looking to move soon, if I expected to need to maximise borrowing, I'd perhaps also look at one of the 2.5% ish discount products with a 1% ERC.

chanz4

K_S said:

@chanz4 If you will be looking to maximise borrowing during the move, I'd lean towards the fix with the kindest ERC so that I leave myself a bit of flexibility to change lenders when moving.

If you're certain that porting will serve your borrowing needs for the move, then perhaps one of the longer fixes.

To be fair with a relatively small loan size and looking to move soon, if I expected to need to maximise borrowing, I'd perhaps also look at one of the 2.5% ish discount products with a 1% ERC.

were looking to add an extra £130k borrowing on top of the current with a 120k deposit