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Now or later??
Grogle
Posts: 10 Forumite
Hi all, new to the forum side of this site, so bear with me.
My fixed rate mortage is due to finish on 13/6/08 so I am just starting to do my homework about what to look for in the near future.
It is currently a fixed rate of just under 5%. Clearly the SVR is going to be much higher than this- as such we want to remortgage.
However we are also planning on selling the house quite soon too, it won't be saleable at that point as I still need to do some further work on it, and I don't have the time at the minute due to upcoming wedding on 14/6/08 (what great timing-day after mortgage alters)
As such am unsure whether to look into sorting out the mortgage for what could be only a couple of months before trying to sell, or muddling through on the SVR for a bit until we are ready to sell!
Given all the arrangement fees etc it may be better to stay put.
I have considered releasing as much of the equity as possible from the property in anticipation of moving to a larger property so that we could take the mortgage with us when we move but given the fact that we can't guarentee the value of any new house until later this could be risky, or indeed not enough money, which would then mean extending the mortgage.
Are there any products which would not penalse us to much for going about it this way or are we better off sticking with our SVR for the min and starting fresh when we move????
I can see both sides of the arguement but would welcome any comments/suggestions
My fixed rate mortage is due to finish on 13/6/08 so I am just starting to do my homework about what to look for in the near future.
It is currently a fixed rate of just under 5%. Clearly the SVR is going to be much higher than this- as such we want to remortgage.
However we are also planning on selling the house quite soon too, it won't be saleable at that point as I still need to do some further work on it, and I don't have the time at the minute due to upcoming wedding on 14/6/08 (what great timing-day after mortgage alters)
As such am unsure whether to look into sorting out the mortgage for what could be only a couple of months before trying to sell, or muddling through on the SVR for a bit until we are ready to sell!
Given all the arrangement fees etc it may be better to stay put.
I have considered releasing as much of the equity as possible from the property in anticipation of moving to a larger property so that we could take the mortgage with us when we move but given the fact that we can't guarentee the value of any new house until later this could be risky, or indeed not enough money, which would then mean extending the mortgage.
Are there any products which would not penalse us to much for going about it this way or are we better off sticking with our SVR for the min and starting fresh when we move????
I can see both sides of the arguement but would welcome any comments/suggestions
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