Managing Mortgage Renewal While Selling My Home – Advice Needed

georgialeitch

Hi everyone,

I'm in the process of selling my home, but I’m not planning to repurchase. My mortgage rate is set for renewal in March, and I’m concerned that the sale might not be finalised by then. I’m unsure how to navigate both situations at the same time.

Would my bank be able to extend my current rate for a couple of months until the sale is completed? Given that my current rate is 1.4%, I know I’ll be facing a significant increase, so I’m trying to explore the best possible options.

Has anyone been in a similar situation, or does anyone have advice on how to approach this with the bank?

Thanks in advance!

DE_612183

usually you default to the SVR - which is about 7% ish now ( depends on bank ) or you renew and face a hefty penalty.

You could move onto a tracker rate which is lower than SVR but doesn't have a penalty.

kingstreet

Does your lender have any ERC-free tracker products you can switch to?

No. Lenders can't extend current products so as DE says, you will go on to the "follow-on" rate from your mortgage offer.

georgialeitch

I'm with Nationwide and I think I may be able to move to a 4ish% rate with no ERCs! 

Thank you both so much!