Morgage ending in july, planning to sell what to do in the meantime ?

droodleskins

Hi,

My variable rate tracker mortgage is coming to an end of its 5 yr period in July, currently its very low about 5% (tied to the US base rate) i can't see the mortgage company letting me have this rate after july.

We are planning to put the house on the market probably in May .. but in the likelyhood that it doesn't sell before july what should i do ? We may emigrate so don't want to get another property or remortgage so that we are tied into a new mortgage.

What are my options to carry on paying the mortgage after july ?

thanks.

sarkin

contact your lender and ask if they have any fee free deals you can swithch to

andyjc_4

Make sure if you take a follow on deal you avoid any tie in.

If your lender current lender is unable to help look for fees free remortgages (free legals, free vals and no arrangement fees) without the tie.

chappers

otherwise its the SVR until you sell.

jay11_2

Will you be able to pay a higher rate? If you're worried look into payment holidays (as a last resort, just in case), interest only/part interest only, part repayment.

Also, as andyjc said, avoid any tie ins.