Want to move house but my mortgage is up for renewal around 4-6 months before.

Milts1234

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. 

amnblog

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.

Milts1234

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.

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. 

kingstreet

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?

Milts1234

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?

Short answer is I'm not sure but thank you for the suggestion, another option to consider when the time comes.