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    • Paris1256
    • By Paris1256 9th Apr 18, 2:36 PM
    • 2Posts
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    Paris1256
    Remortgage advise
    • #1
    • 9th Apr 18, 2:36 PM
    Remortgage advise 9th Apr 18 at 2:36 PM
    Hello newbie here.

    Myself and my wifeís fixed deal ends shortly, and the standard rate is 3.99 which we think is excessive, we donít owe a huge amount currently (£45000 on a property valued at £340000) but are looking to upsize to a bigger property (up to the £500k mark) when we can find what we want (been looking 11mths).
    The conundrum we are in is that we want a mortgage that we could come out of to a new one with little or no penalties if we find somewhere, furthermore we donít want to have a whacking great big set up fee, but the variable rate does give us the freedom to move easily is suppose?

    what do you suggest???

    Thanks
Page 1
    • kingstreet
    • By kingstreet 9th Apr 18, 4:13 PM
    • 34,136 Posts
    • 18,522 Thanks
    kingstreet
    • #2
    • 9th Apr 18, 4:13 PM
    • #2
    • 9th Apr 18, 4:13 PM
    Fee-free tracker product with no ERCs.

    Then, when you want to move, it has cost you nothing to get in and out.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • dimbo61
    • By dimbo61 9th Apr 18, 4:37 PM
    • 10,023 Posts
    • 5,405 Thanks
    dimbo61
    • #3
    • 9th Apr 18, 4:37 PM
    • #3
    • 9th Apr 18, 4:37 PM
    So look on your current lenders website for new deals for existing customers !
    See if they have any fee free tracker deals.
    Or you could overpay your current mortgage Big style.
    Just imagine you have a £205,000 mortgage over say 25 years ( consider your state retirement age ) at 2 percent !
    This works out about £870 a month so make your mortgage payment £900 a month to pay down you debt quickly and build up more equity
    Last edited by dimbo61; 09-04-2018 at 4:43 PM.
    • Paris1256
    • By Paris1256 10th Apr 18, 11:04 AM
    • 2 Posts
    • 0 Thanks
    Paris1256
    • #4
    • 10th Apr 18, 11:04 AM
    • #4
    • 10th Apr 18, 11:04 AM
    Thanks I will see what my lender does. Have a great day
    • astal
    • By astal 10th Apr 18, 1:07 PM
    • 11 Posts
    • 2 Thanks
    astal
    • #5
    • 10th Apr 18, 1:07 PM
    • #5
    • 10th Apr 18, 1:07 PM
    Early Repayment Charges are based on the interest that the lender will lose if the borrower breaks the contract. So, even though the best option is a no ERC tracker, the remaining options wouldn't incur high costs, as interest won't be as significant as they are in the first years of the mortgage.
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