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Most mortgages come with ‘Early Repayment Charges’. This basically means that whilst you are within your initial fixed rate period, there will be penalties to pay if you decide to come out of this mortgage before the fixed rate ends.

It is typically best to raise money or move home at the same time your current mortgage product ends. However, this won’t necessarily be practical or meet with your objectives.

So, what should you do if you don’t want to put your life on hold?

If you are tied into your current mortgage product and are looking to move home, or perhaps raise some money there are likely to be options available.

If you want to move home, it could be possible to move your current mortgage across to your new property. However, it may be more beneficial to pay the early repayment penalty and move to a completely new lender and product.

When it comes to wanting to raise additional money, whether it’s for home improvements, consolidating debts or any other reason you may have, there are also options out there for you to be explored, meaning you don’t necessarily have to wait.

There are many different factors that need to be taken into consideration when deciding what is best for you.

What to do next?

The next thing you should do is ‘Chat with us’. Your adviser will take a snapshot of your circumstances and listen to your objectives. We will then be able to advise you of your options to allow you to make an informed decision on what is best for you individually.

Please be in touch now for a free, no obligation chat. Click here for our contact details.