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Selling house in Oct/Nov. Fixed rate mortgage ends in August.
hamm1_su
Posts: 2 Newbie
Hi MSE forumites.
I'm after a quick bit of advice.
My house is currently being sold (no onward chain) and we hope to complete in October. My fixed rate mortgage however, with Natwest, finishes at the end of August.
We currently pay £650 per month but from the end of August it will jump to £1200 per month approx (double essentially). Obviously I'd like to avoid this hike given we're selling although speaking to Natwest they barely gave me any suggestion (it was very poor customer service given the current financial climate).
I'd welcome any realistic advice if anyone can help.
Thank you.
I'm after a quick bit of advice.
My house is currently being sold (no onward chain) and we hope to complete in October. My fixed rate mortgage however, with Natwest, finishes at the end of August.
We currently pay £650 per month but from the end of August it will jump to £1200 per month approx (double essentially). Obviously I'd like to avoid this hike given we're selling although speaking to Natwest they barely gave me any suggestion (it was very poor customer service given the current financial climate).
I'd welcome any realistic advice if anyone can help.
Thank you.
0
Comments
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To be honest unless you have the option to port the mortgage to an onward purchase I suspect you won't have much luck because any deals now seem to come with a tie in which is likely to cost more than you save if you end the mortgage at that short a time frame.1
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Realistically your cheapest option may well be just paying the variable rate.2
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Under the following scheme everyone with a residential mortgage can take a 6 months interest only break
https://www.gov.uk/government/news/chancellor-agrees-new-support-measures-for-mortgage-holders
https://www.natwest.com/mortgages/existing-customers/mortgage-cost-of-living-support.html
0 -
Although "everyone" seems to be a bit of an overestimate based on what we've seen so far.0
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