Need to remortgage, but also need to sell house

pootleflump

I'm totally baffled by how to work out timings, so any advice is appreciated. Situation:

• Current mortgage fix ends in July.
• Husband is due to retire from military at some point next year (probably later end).
• House is rented out as we're unable to live in it due to being posted elsewhere. Tenants have a contract until Jan 2024. However, needs have changed and we want to buy in a completely different area to where our house is.
• Ideally, would start marketing the property this year, hoping to sell asap after the tenants vacate.

If we were to sell in Jan 2024, we'd only be 6 months into our mortgage - would we be subject to the early repayment charge, even if we were buying another property and moving mortgage? Should I be looking at 1-year deals instead? They just seem very expensive.

Edit: I've just noticed the tracker rates have no ERC - would that be our best option?

MWT

pootleflump said:

Edit: I've just noticed the tracker rates have no ERC - would that be our best option?

Yes, that is a common choice when you plan to sell and buy elsewhere in the short-term.

You can also look at the ability port your mortgage to a new property to avoid ERC if you do go for a fix...

Also perhaps a 'Let to Buy' mortgage if you wanted to keep the current property for letting in the long term, if the numbers stack up, and if you really want to become a landlord...

IAMIAM

This is very similar to myself...who is your lender?
I am remortgaging from First Direct to HSBC mid June and have picked HSBC tracker. 
I will then either put house on market during summer months or wait until early next year. I think it depends on your lender and their rates. First Direct ERC charges on a two year fix are (3%/2%) and their trackers not great AT ALL.
Whereas HSBC have ERC (2%/1% reducing daily), much better trackers, and have 0% fee for consent to let for 2.5 years.
So moving to them will work out for any scenario.

If you are able to switch rates with existing lender...thats probably the ideal all round. BUT if you are going onto SVR, I would move lender first then sell or try get a mortgage/mortgage rate that allows you to up sticks and move then ready.

pootleflump

I've been with Santander for years, as porting with them has always been my cheapest option. Will ring them to see what's on offer and check out your HSBC option to compare - thank you.