Selling house and fixed 1.89% rate mortgage has just ended. Rate is now 7.99%

badt222

Current fixed rate of 1.89% has just ended. New rate is now 7.99% and they are urging me to lock in with a new deal. Accepted an offer on the property and waiting for sale to complete but no expected date yet. 

Do not plan on purchasing a new property right after so unable to port a mortgage on to another property. 

Any advice on this would be greatly appreciated 

la531983

Not sure what advice you are after, if you lock in a new deal you would be subject to exit fees, you have to weigh up if the exit fees are going to be more or less than the extra money you will pay by letting the mortgage lapse onto the SVR.

Nobody here knows what the rates involved are or how long you will likely be waiting to complete.

mebu60

Suck up the SVR and push to complete the sale asap. 

Veteransaver

You may be able to switch to a lower rate with your current provider with no fee or ERC. Might save you a couple.of.percent. have you asked them?

ACG

You might have to make Junes payments, but for July, you could look at changing the payment date to the end of the month - that should (all being well) mean you are done before a payment is due and they will just send you whatever is due on the assumption no payment was made. It should not affect your credit score either. 

This obviously assumes you complete before the end of July which is 8 weeks, not unheard of. But speak to your lender if you are going to struggle.