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Moving to SVR due to pending sale
xepija8686
Posts: 17 Forumite
My house is on the market, I am planning to move and buy a new place. I have had a couple of offers but am holding out for a better one.
My fixed rate ends this month, I am not planning to buy a new product to avoid the complexity of porting and having two mortgages.
This means I will switch to a SVR of 8.5%. I can put £30k savings against the mortgage and have £27k left on the mortgage, which I could pay off over about 6 months (say if the sale and purchase of new property fails).
Is there any downside to paying down the mortgage now, my savings account only gives me 4.5%. I will of course leave an emergency fund of savings.
Any other suggestions?
My fixed rate ends this month, I am not planning to buy a new product to avoid the complexity of porting and having two mortgages.
This means I will switch to a SVR of 8.5%. I can put £30k savings against the mortgage and have £27k left on the mortgage, which I could pay off over about 6 months (say if the sale and purchase of new property fails).
Is there any downside to paying down the mortgage now, my savings account only gives me 4.5%. I will of course leave an emergency fund of savings.
Any other suggestions?
0
Comments
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Why not see if the lender will port a fix?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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When I moved into my home I’d not long fixed my mortgage, I just had another mortgage for the extra. Nothing complicated about it.0
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What complexity? You'll have one mortgage with two loan accounts.xepija8686 said:
My fixed rate ends this month, I am not planning to buy a new product to avoid the complexity of porting and having two mortgages.0 -
My mortgage broker said not to. Wouldn’t he want me to get more mortgages to make more money?0
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That suggests something else rather than complexity.xepija8686 said:My mortgage broker said not to.0 -
What does it suggestHoenir said:
That suggests something else rather than complexity.xepija8686 said:My mortgage broker said not to.0
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