Advice needed about 5 year fix term ending soon, and moving to a more suitable house.

DE5T1NY123

Hello Everyone

My wife's 5 year fixed term mortgage deal is due to end in November, at that stage we will owe around £14,000, can we just phone our existing provider (Bank) and ask them to continue taking their payments until it is fully cleared.

The wife took out a 9 year mortgage on November 2019 on the house valued £61,000, we deposited £6,000 and paid extra every month. If it's also possible can we pay a lump sum (like another deposit) to clear it off quicker.

My wife (62) health has got worse and we where thinking of moving house that would help her greatly, we also have care of our granddaugther (10) until she is 16, I myself (67) am a pensioner, and are hoping to put all the money we get from the sale of this house as a deposit towards a more suitable house, and hopefully my wife can get another 9 year mortgage in her name, as the houses in the areas we're looking at is around £60,000 more.

Thanks inadvance.

Archerychick

If you do nothing at the end of your fix you will usually go into SVR which will that small balance may be the right thing for you to do, but you need to evaluate your options. If you have the funds saved, it may be better financially for you to just pay off the balance - but again you need to look at the likely interest rates to come to a conclusion.

DE5T1NY123

Thanks Archerychick

I just want to pay off the house as soon as possible and move to a more suitable house for the wife and granddaughter, we got the mortgage on this one throught the wifes disability allowance, the childs kinship and child tax credits and my care allowance for the wife.At the time it totaled around £1,800 amonth, now our income is about £2,600 a  month but we can only save up to £6,000 in the bank,DHSS rules.

Once again thanks for your great help.

DE5T1NY123

Hello Everyone

At the start of last month (July 2024) We decided to put our house up for sale and move to a more suitable house, build in 1910, our existing provider (Bank) did a zoom mortgage application with ourseleves, and everything was going great until their surveryor did a valuation of the property and we receive this email from them:

"Thank you for your recent enquiry. The Comments from the Valuation are as follows:  'Obtain a report from an engineer or chartered building surveyor with regard to the structural condition of the property (including roof and chimney) and carry out any recommendations under professional supervision.  Instruct a specialist contractor to inspect the whole property and report on internal dampness and the condition of all timbers including the sub-floor/roof void(s)/other. All necessary works to be carried out and covered by an insurance backed guarantee. This report is required regardless of any existing guarantees.' Thank you

Kind regards,
The Mortgage Team"

Do we need to get a Chartered Building Surveyor report and a Specialist Contractor report to continue with the aplication, or would one report cover everything they need ?