Hello from an MSE Forum first timer! Just wanted to get your thoughts on the following: I have a 5 year fixed rate mortgage with Santander (4.99%) that runs until August 2014. This still seems like a long way away and Santander have said I can port my mortgage across to a new property and take out additional top-up borrowing, so my wife and I have decided to crack on and put our place on the market.
However, I've just seen on Santander's website that we could actually settle our existing mortgage six months in advance of the expiration date (February 2014) without paying an early settlement fee. ("Although this offer can be withdrawn at any time").
So...should we therefore stay put until early next year so we can pay off our existing mortgage and start again with a new product which may be at a lower rate (currently ~2.74% with 75% LTV!)?
Has anyone had any experience with porting? Is it a messy business?!
However, I've just seen on Santander's website that we could actually settle our existing mortgage six months in advance of the expiration date (February 2014) without paying an early settlement fee. ("Although this offer can be withdrawn at any time").
So...should we therefore stay put until early next year so we can pay off our existing mortgage and start again with a new product which may be at a lower rate (currently ~2.74% with 75% LTV!)?
Has anyone had any experience with porting? Is it a messy business?!