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Remortgage to moving... Options for my existing offer

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

Comments

  • 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
    K_S Posts: 6,874 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.

    I am a Mortgage Adviser - 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.

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