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Mortgage query
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bubblegum1986
Posts: 6 Forumite
Hello
Hoping someone can answer a question I have. A few months ago I renewed my mortgage deal which is due to start from the first of November. However, since then I have put my house up for sale, sold it and had an offer accepted on a new home. The move in date is the 29th of November. Usually, the equity would be used to redeem my existing mortgage and start a new one. However, for the sake of a month would it be advisable to try and redeem it now, before the new deal starts? I’m moving lenders so it will be redeemed one way or the other. Just not sure whether it would be best now (using some of the deposit my parent is very kindly gifting me) or on completion, 28 days after the new deal starts?
Hoping someone can answer a question I have. A few months ago I renewed my mortgage deal which is due to start from the first of November. However, since then I have put my house up for sale, sold it and had an offer accepted on a new home. The move in date is the 29th of November. Usually, the equity would be used to redeem my existing mortgage and start a new one. However, for the sake of a month would it be advisable to try and redeem it now, before the new deal starts? I’m moving lenders so it will be redeemed one way or the other. Just not sure whether it would be best now (using some of the deposit my parent is very kindly gifting me) or on completion, 28 days after the new deal starts?
I don’t have a financial advisor as I thought I was more clued up then I clearly am.
Thank you in advance.
0
Comments
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Cancel the remortgage. Otherwise you'll end up paying the ERC which could be 5%1
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Thank you! I’ll give them a call and cancel the new deal.0
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