Author Topic: Mortgages - Help!  (Read 15129 times)

TabClear

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Re: Mortgages - Help!
« Reply #105 on: April 30, 2018, 01:07:42 PM »
You need to beware of the longer term deals if there is a chance you need to get out of the deal early. We fixed for 5 years a couple of years ago but need to switch providers now as we are putting on a large extension and our current bank don't offer finance for this.  Its costing almost 5k to get out of the deal.

I take it a personal loan with your existing bank is not an option for 5 years say for the extension? I assume the extra 5k is getting rolled into the remortgage and repayable over a longer period but it is a serious amount of dough to payout to break the deal, especially if there is only 3 years remaining.

awideisneverasgood

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Re: Mortgages - Help!
« Reply #106 on: April 30, 2018, 05:18:07 PM »
No, the extension is quite sizable so we basically need a self build mortgage for it.  When we took out the 5 year fixed, our plan was to move and port the mortgage if needs be but things changed.

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Re: Mortgages - Help!
« Reply #107 on: April 30, 2018, 06:42:10 PM »
No, the extension is quite sizable so we basically need a self build mortgage for it.  When we took out the 5 year fixed, our plan was to move and port the mortgage if needs be but things changed.

Ah right, thought that after I wrote that that the loan option only works for a relatively small amount. Same thing happened me a few years ago, a plan to move turned into an extension for a playroom!  :D