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Mortgage query
holbops
Posts: 2 Newbie
Hi, my current 5-year fixed mortgage deal finishes on 28th February. We are looking to put the house on the market in March and move to a larger house. I have some rates from my financial advisor and was hoping to get a portable deal that we could take with us and then get a top-up for the additional money required. We've been advised that these deals aren't necessarily portable due to lenders changing criteria/change in our circumstances etc.
I really don't know what to do now. If I let the mortgage revert to the base rate, then we'll pay a lot more, but then we risk early repayment charges if we aren't able to port the mortgage when we move. Any advice welcomed greatly
I really don't know what to do now. If I let the mortgage revert to the base rate, then we'll pay a lot more, but then we risk early repayment charges if we aren't able to port the mortgage when we move. Any advice welcomed greatly
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Comments
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There are early repayment charge-free trackers available from a number of lenders which would give you a lower rate and no exit penalty when you sell.I am a mortgage broker. 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.1
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Have you looked on your current lenders website for deals for existing customers ?
They may well offer a tracker deal which you can move onto Fee Free and with No ERC,s if you need to move lenders for a bigger mortgage0
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