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Mortgage - what to do
shelldb37
Posts: 2 Newbie
I am currently on a fixed rate mortgage until 31st March 2023
I am putting my house on the market in Jan 2023 - with the aim of paying off my mortgage (im old he he)
What is the best thing to do as im guessing it wont be sold and completed before 31st March 2023
Any advice
many thanks
I am putting my house on the market in Jan 2023 - with the aim of paying off my mortgage (im old he he)
What is the best thing to do as im guessing it wont be sold and completed before 31st March 2023
Any advice
many thanks
0
Comments
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Do nothing, come 31 March you will just move the lender’s SVR. May be a percentage point or two higher but won’t have any charges.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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I assume you are downsizing and the released equity is what will pay off the mortgage?
I would have thought you have two options, move onto the providers standard variable rate terms, or find a mortgage which has a low early redemption cost for a fixed rate.
Not an expert but can't think of another option that will be cost effective.1 -
There are deals out there with no early repayment charges which might be a little cheaper for you than SVR.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1
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