Mortgage deal ended

mickey2009

Afternoon. Just looking for some advice. My mortgage deal has finished with NatWest so I haven’t taken out a new deal. It’s gone up by £200 so I need to sort a new but I am looking to out the house up for sale in Jan and hopefully move. What’s the best mortgage deal to go with as I will probably need to change or switch hopefully within a year ? Many Thanks 🎅🏻

DE_612183

Best idea is to get a mortgage that is portable - but it does depend on whether you are upsizing or downsizing on your next move

mickey2009

So we are looking to upsize? Is it called a portable agreement or do only certain mortgage lenders do them , I called NatWest and they weren’t much help at all 

penners324

Most NatWest deals portable.

Or just pay the svr for however long it takes to sell (which could be many months).

Though a remortgage can take 2 months....

penners324

Should have actioned this as advised on your October post

amnblog

NatWest are common with most Lenders in not being much help at all. They do allow however you to port your mortgage rate.

A porting arrangement allows you to take your mortgage rate to a new mortgage without incurring an early repayment charge.

There are a number of potential complications so a smart borrower will consult an independent mortgage broker on this one.

penners324

Do a product switch with NatWest ASAP (like today), can usually do it online. 

mickey2009

So I can get a tracker or fixed rate for two years. But I am able to leave the deal if I move house , is that what the early repayment percentage is for ?

DE_612183

mickey2009 said:

So I can get a tracker or fixed rate for two years. But I am able to leave the deal if I move house , is that what the early repayment percentage is for ?

yes, but if the product is portable you don't pay the ERC ( unless you downsize ) - I would think all fixed rates tie you in for a specific period of time - not sure about trackers.

Hoenir

Trackers carry no penalties. 

ReadySteadyPop

Hoenir said:

Trackers carry no penalties. 

Except that the bond market can eat you alive without much notice, the OP is lucky, their mortgage is only going up by £200 a month, other people have been caught with much steeper rises than that, at least a fix gives you time to plan/save for higher debt re-payments in the future.