Which Mortgage?

haven't_got_a_clue!

Hi

I am completely new to this site, but have already sent off for the cheap mags + freebies! I have no financial savvy at all (hence the name).

Current mortgage (2 x year fixed) due to finish in a couple of months. Value of house is approx 275,000, current mortgage remaining is 79,000. However, hoping to sell within the next year and downgrade to reduce / get rid of our mortgage, therefore we're looking for a 12/24 month mortgage with no early redemption charge, but couldn't find one on the mortgage wizard link on this site.

Has anyone got any ideas/advice?

Many thanks

Ian_W

Hi,
No expert, maybe one of the brokers who sometimes post here will drop by and answer, but the best rates almost always seem to have early redemption charges.
Initially, you should contact your current lender and see what they might be able to transfer you to that doesn't have erc's - may also be cheaper on fees as well.
Coventry have a 4.85% fixed for 5 yrs with no erc's [so you can leave at any time] but the fees are quite heavy at £549 but it does include free legal & valuation on remort's. Details are at http://www.remortgages.co.uk/frame_rates.asp.
Or check out the moneyfacts best buy variable rates at http://www.moneyfacts.co.uk/mortgages/charts/mortgages_var.htm some do have fees but none have redemption penalties.
BoL.