Remortgage to moving... Options for my existing offer

sarahmurphymoo

In July I decided to get an offer to remortgage my current property for which the fix rate deal ends on 3rd Jan 2023, with Santander. 

The rate I secured was 2.4% for a 5 year fixed for 150k, with Natwest. The mortgage is portable

We are now looking at a possibility of moving into a new build house which would complete in December and we are looking to part exchange our house. This would required an additional 150k of borrowing.

I am going to ring natwest tomorrow but I wondered what my options might be?

Option 1 : the current remortgage deal would just be null and void and I'd have to apply for a new offer

Option 2 : Natwest honour 150k at 2.4% but I need to borrow an additional 150k at a current rates

Option 3 : Natwest are very nice and would allow me to borrow the full 300k at the original rate of 2.4%

As this is a new property, I'm thinking option 1 is probably the most likely, but would appreciate any advice.

Thanks

housebuyer143

I don't think option 2 will be likely at all.

Are you altering the loan to value by borrowing double? If so, then option 3 seems very unlikely. I think option 1 is likely, but definitely see what they say. 

K_S

sarahmurphymoo said:

In July I decided to get an offer to remortgage my current property for which the fix rate deal ends on 3rd Jan 2023, with Santander. 

The rate I secured was 2.4% for a 5 year fixed for 150k, with Natwest. The mortgage is portable

We are now looking at a possibility of moving into a new build house which would complete in December and we are looking to part exchange our house. This would required an additional 150k of borrowing.

I am going to ring natwest tomorrow but I wondered what my options might be?

Option 1 : the current remortgage deal would just be null and void and I'd have to apply for a new offer

Option 2 : Natwest honour 150k at 2.4% but I need to borrow an additional 150k at a current rates

Option 3 : Natwest are very nice and would allow me to borrow the full 300k at the original rate of 2.4%

As this is a new property, I'm thinking option 1 is probably the most likely, but would appreciate any advice.

Thanks

@sarahmurphymoo If you're not going to complete on the NatWest remortgage, then all you can likely do is make a new application from scratch for the new-build purchase.

As you can see from the NatWest product guide here, there are different products/rates for remo and purchase applications.