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Can I remortgage with only 12 month left
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Chemistry777
Posts: 83 Forumite

When my current fixed rate expires I will switch the nationwide SVR. Obviously this rate is higher than what I am currently paying.
There will only be 12 months left to pay until the mortgage is paid off. Given so little time, is it even possible to switch to an alternate product or do I need to suck with the SVR for a year?
There will only be 12 months left to pay until the mortgage is paid off. Given so little time, is it even possible to switch to an alternate product or do I need to suck with the SVR for a year?
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Comments
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I've never come across a mortgage with a term of just one year. Maybe Nationwide will be able to allow you to book a rate (on your existing mortgage), lower than SVR, for you last year.The remortgaging process would likely cost you more than you'd save if you did manage to find a one-year mortgage.If I were in your situation I'd be making the maximum overpayments this year and then I'd have little capital outstanding which would be subject to SVR next year.
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How much is the remaining balance? If, for the sake of argument, you've got £5k left over 1 year, and the SVR would be 8%, you'd repay £5,219 (i.e. £219 interest). If you could fix at 4% you'd repay £5,109.
If you think it's worth the time and hassle to save about £110 then you can ask Nationwide. Personally I wouldn't bother!
Edit: PS if you've got enough saved to pay off the mortgage balance in full, you can do that on your first day on the SVR (there will be no early repayment charge) and you'll pay essentially no interest.0 -
I think you’d need to speak to nationwide (it likely wouldn’t be worth switching supplier).0
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Chemistry777 said:When my current fixed rate expires I will switch the nationwide SVR. Obviously this rate is higher than what I am currently paying.
There will only be 12 months left to pay until the mortgage is paid off. Given so little time, is it even possible to switch to an alternate product or do I need to suck with the SVR for a year?Remember the saying: if it looks too good to be true it almost certainly is.0 -
You are in a good position, in 12 months rates will be lower than today's rate.
Many lenders allow you to re-mortgage within 6 months of the current fix ending.0 -
Thanks all, especially those doing the maths for us. We cannot make any more overpayments as we are making the maximum overpayment already and there will be around 48k left on the mortgage for the last year, so potentially a reasonable amount could be saved if we could switch. I will speak to them directly when we are 6 months from the end of the fixed term, to see if they can offer some options.
Will try to feedback the outcome in case others find themselves in this situation.0 -
You’re paying £48k per year on your mortgage repayments? Blimey, how much did you borrow?? 🤣0
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