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Mortgage deal ending but want to move house
King_Henrik
Posts: 24 Forumite
My exisiting 2 yr fixed rate with Halifax ends in April we am now considering which (if any) provider to go with next.
Our outstanding mortgage is c£50k which is well within our means at present, but we are considering moving house in the summer.
If i remortgage now I would possibly incur large arrangement fees and then have to do it all again in the summer, assuming a house comes up.
Alternatively i could drop onto the banks SVR and hope that a house comes up soon that we like.
Does anyone have any advice for me on this- are there mortgages with lower arrangement fees that would make sense for a mortgage this size and is there any easy way of calculating how much more I would be paying on the SVR?
Our outstanding mortgage is c£50k which is well within our means at present, but we are considering moving house in the summer.
If i remortgage now I would possibly incur large arrangement fees and then have to do it all again in the summer, assuming a house comes up.
Alternatively i could drop onto the banks SVR and hope that a house comes up soon that we like.
Does anyone have any advice for me on this- are there mortgages with lower arrangement fees that would make sense for a mortgage this size and is there any easy way of calculating how much more I would be paying on the SVR?
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Comments
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The easiest way would be to use a mortgage calculator for costing what the jump in premium would be. For the space of 3 or 4 months, SVR may be the right answer.
However, if your house is not on the market and not sold, it could take a while to sell, so you may want to look at going onto a tracker rate with no tie ins with the halifax until it sells. You can then assess again when you are in a position to do so.
You need to calc difference in costs, account for fees and then work out how long it would take you to be worse off on svr.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The easiest way would be to use a mortgage calculator for costing what the jump in premium would be. For the space of 3 or 4 months, SVR may be the right answer.
However, if your house is not on the market and not sold, it could take a while to sell, so you may want to look at going onto a tracker rate with no tie ins with the halifax until it sells. You can then assess again when you are in a position to do so.
You need to calc difference in costs, account for fees and then work out how long it would take you to be worse off on svr.
Excellent advice IMHO. A lifetime tracker without fees or ERCs should be the way to go.
Always good homer_j, always good.Tough times never last longer than tough people.0 -
thanks for the info guys
Can anyone recommend any good deals on lifetime trackers with no fees or ERCs?
We also have c£20k in savings so would consider any no fee offsets as well?0
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