Q for Sarnie

[FH1967]

Sarnie,

A quick question for our resident mortgage guru if you don't mind.

My 3 year fix deal is ending and we are able to refi onto a considerably lower LTV. We are however currently looking to move house and i was wondering if there are any negatives from the perspective of remortgaging now and then perhaps taking a new mortgage in the near future?

Many thanks

[Sarnie]

FH1967 said:

Sarnie,

A quick question for our resident mortgage guru if you don't mind.

My 3 year fix deal is ending and we are able to refi onto a considerably lower LTV. We are however currently looking to move house and i was wondering if there are any negatives from the perspective of remortgaging now and then perhaps taking a new mortgage in the near future?

Many thanks

If you re-mortgage now, you will have ERC's payable for redeeming the mortgage.

You can however port most products these days, but you are then at the mercy of that lender lending you what you require for the onward purchase. You will also then have to have the further advance for any additional borrowing on a differing product and end date to the original, the total cost of which may or may not be more than just taking out a new mortgage when required.

Naturally, it's hard to give anything more specific without having the full details to hand.

[FH1967]

Thanks for coming back so quickly.

Apologies if i wasn't clear in the first post.

I currently have a 3 year fix with Nationwide which expires at the end of June. I am therefore in the three month grace period when i can re-mortgage with them with no ERC. This will reduce my payments by about 30% as i have overpaid a lot and the LTV is now circa 50%.

I am currently looking to buy a new house for which I would most likely go with Santander for the higher salary multiple but i have not yet found a suitable property.

My concern was if i was to re-mortage now and then say in 2 months find a new property look to take out a larger mortgage would this cause any issues due to 2 mortgage within a short period of time?


Thanks

[FH1967]

Sorry, I am looking to remortgage to a 2 year tracker.

[Sarnie]

FH1967 said:

Thanks for coming back so quickly.

Apologies if i wasn't clear in the first post.

I currently have a 3 year fix with Nationwide which expires at the end of June. I am therefore in the three month grace period when i can re-mortgage with them with no ERC. This will reduce my payments by about 30% as i have overpaid a lot and the LTV is now circa 50%.

I am currently looking to buy a new house for which I would most likely go with Santander for the higher salary multiple but i have not yet found a suitable property.

My concern was if i was to re-mortage now and then say in 2 months find a new property look to take out a larger mortgage would this cause any issues due to 2 mortgage within a short period of time?


Thanks

Ok, so if the new product doesn't have any ERC's then there shouldn't be a problem!

[FH1967]

Brilliant. Thanks very much.