Possible house move - fixed rate advice MarkT1

#1
Hi All,



Just after a bit of advice on whether it would be possible to move house or not, I am 18 months into a two year fixed rate deal with Halifax (this was my first house). My balance is £187k, and the current value of my house is around £270k, which should give me around £83k equity in the house? If I was to look at a house at around £325k this would put me at under 75% LTV and much better rates than I'm paying at the moment (monthly payments according to their calculator will go up by £30 a month on a new two year fixed rate deal for a much nicer house), but does anyone know if I would be allowed to move to a new mortgage with the Halifax, or do you think I would have to pay an early repayment charge to move house? Or would it be best to hold off and start looking towards the end of my fixed rate?



Thank you,

Mark.

#2
6 months is close to the end of your fixed rate. By the time you find a place and get an offer accepted, get a buyer for your house, and the rest of the chain likewise, then even being optimistic, you'd only be a couple months away from the end of your fixed period. So I'd start getting your house ready for sale and start looking in a month or two.



Also phone Halifax, they can tell you if its possible it depends on your exact deal but as you'd be getting a larger mortgage you could end up with two different mortgages with different end dates for the rates (current one "ported" new one for remainder) so for sake of a couple of months, I'd wait.

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