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Want to move house but my mortgage is up for renewal around 4-6 months before.
Milts1234
Posts: 13 Forumite
My mortgage renews next March and we are considering our options. One of those would be to move house and area closer to family, however if we were to do this we wouldn't want to do it until the summer so our two children start school in September in a new school.
What are my options and pros and cons?
I am thinking A. Remortgage on time and take a product that can be ported so if we move later in the year I can transfer it to the new property. B. Go onto standard variable rate for 3-6 months and then take out a new product when we move on the new house, heavily dependent on if rates have come down by next March.
What are my options and pros and cons?
I am thinking A. Remortgage on time and take a product that can be ported so if we move later in the year I can transfer it to the new property. B. Go onto standard variable rate for 3-6 months and then take out a new product when we move on the new house, heavily dependent on if rates have come down by next March.
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Comments
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Either should work, the key thing is ensuring your current Lender will accept a mortgage application for the new property prior to locking in with them on a new rate. i.e. will they lend at the new required levels.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.1 -
Any other options I haven't thought of? The new house would be in a cheaper area so we'd be looking to lend the same and upsize or more than likely less than the current mortgage.amnblog said:Either should work, the key thing is ensuring your current Lender will accept a mortgage application for the new property prior to locking in with them on a new rate. i.e. will they lend at the new required levels.0 -
Does your current lender offer an ERC-free tracker product you could switch to in the short-term leaving you free to choose the best lender/product for the onward purchase?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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Short answer is I'm not sure but thank you for the suggestion, another option to consider when the time comes.kingstreet said:Does your current lender offer an ERC-free tracker product you could switch to in the short-term leaving you free to choose the best lender/product for the onward purchase?0
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