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Mortgages and Brexit

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  • Mortgages and Brexit

    Are there any educated people on here that could offer some advice on my situation.

    I currently have a 5 year fixed mortgage which is coming to an end in May 2019. I am currently going through the process of selling my house and buying a more expensive one.

    The current mortgage will be transferred to the new property and new bolt on (effectively a 2nd mortgage) will be added to cover the extra value on the new property.

    The bolt on will be on a variable rate with the plan to remortgage in May and join the two together.

    The issue is, my wife is concerned at what effect Brexit will have on the variable rate and is questioning whether we should just get a fixed rate on the additional mortgage to protect us but it would have to keep the two separate as the end dates would never align.

    So my question is should we go with plan a (variable on 2nd until May) or option b (2 fixed rate mortgages). Will Brexit have that much of an effect on interest rates between now and May next year?

  • #2

    Hi Jason,
    U
    nfortunately no-one can answer the Brexit question until it happens - and anyone who says they can should be avoided.

    If you run with x2 fixed mortgage (products) you are likely to have to pay x2 arrangement fees which can be anything from £499 to £1,999 each. and then repeat every time you need to re-fix.

    A
    s your so near the end of your fixed rate it may be worth looking at exiting early as interest rates today are much more favourable then 5 years ago. It might only cost a few hundred to exit early.

    This means you can switch to a new mortgage with a different lender for the whole amount on a new fixed deal. This also means you have access to the whole of the market rather then being forced to stick with your current lenders products.

    If you would like to speak with an independent Mortgage adviser for free - please email me @ [email protected] and I will be happy to help you.

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