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Time to get a mortgage
Hsts
Posts: 6 Forumite
Hi
I'd really appreciate some advice. Our mortgage is currently in two parts: one with a low fixed rate, the other on a tracker and very much not low any more. Our term is coming to an end, but rates aren't great.
We have enough money to pay this off, but also some building work we definitely want to do as soon as we can find a builder (this is complicated for various reasons).
So: do we pay it off now, and borrow more when we find a builder? How long would that take? Is it too high risk?
Or do we just pay the interest and accept the loss?
Thanks!
We have enough money to pay this off, but also some building work we definitely want to do as soon as we can find a builder (this is complicated for various reasons).
So: do we pay it off now, and borrow more when we find a builder? How long would that take? Is it too high risk?
Or do we just pay the interest and accept the loss?
Thanks!
0
Comments
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How long do you expect it to take to find a builder?
The process or raising money against your home can take a month or 2, so if you expect to have a builder in place by March, then you may as well just sort out the mortgage.
I am a Mortgage AdviserYou 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.1 -
That's a very good question, we've been trying to find a builder for 18 months so highly unlikely by March, but hopefully next year... We will definitely have at least 4 months notice of any builder starting0
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