Mortgage fix coming to an end

Pingu1

My mortgage fix is coming to an end in June and I need some advice on what to do. My work is relocating away from London to Huntingdon. They are going to attempt to redeploy me in London, where I live, but its not guarenteed. As I had a stroke a few years ago, the new location may not be ideal due to a lack of public transport options and leaving my friends/family behind. My current rate 4.89%, and I can get a 2 year fix at 4.13% from my lender, Santander. Should I refix now or wait a few months? If I am not matched to a job in London, I will have to move to avoid unemployment. They are willing to pay relocation costs, so I would be a cash buyer, if I decided to move. The mortgage rates are climbing fairly quickly, so I might lose out if I wait. Worst case scenario, I would be unemployed and have to sell up and pay an early repayment charge.

Emmia

You posted about this before…

https://forums.moneysavingexpert.com/discussion/6646370/fixed-rate-ending-and-possible-property-sale

Edit: what is different now? I think your choices are pretty much the same...

Wait and see with the prospect of unemployment, but not move...

Find another job in London…

Move to Huntingdon, selling your London spot

Is your mortgage portable to a new property (potentially)? If so re-fixing would seem logical. Alternatively can you afford to be on the SVR for a few months after the fix ends?

GrumpyDil

And why would you be a cash buyer? You'll still have the London property to sell?

born_again

https://forums.moneysavingexpert.com/discussion/comment/81924497#Comment_81924497

My thought too..

 They are willing to pay relocation costs, if I decided to move

Sounds like OP is thinking co will be buying new property for them & then they pay it back when they sell theirs.. Sadly they are in for a shock.

They really need to find out just how much company are prepared to pay to relocate.

Pingu1

I forgot I posted this earlier, I've got a lot on my mind. Not a lot has changed over the past few months. My work has given me a mobility waiver, so they will attempt to match me to a job in London. They want to avoid paying redundancy. I have phoned my mortgage lender and they said the mortgage would be portable if I decided to sell and buy in the new location.

My work has a relocation policy, where they are offering funds towards relocation costs and buy the property off you so you become a cash buyer in the new area. It is something they have been advertising to staff as an incentive to move, as only a 40% have declared interest in relocating.

I can afford to be on the SVR for a few months, but the mortgage rates are going to skyrocket now along with everything else. I am predicting 8% by the summer.

ACG

https://forums.moneysavingexpert.com/discussion/comment/81930967#Comment_81930967

How did you get this 8% number?

I think if interest rates went to 8% in 3-5 months time, we have bigger problems and half the country will be out of work. House prices will fall off a cliff and your plans will become very different.