Remortgage and then move?

[PreemieBlessing]

I have a court order that I must pay ex a lump sum, I can raise this either by selling the house (and buying something to house my kids and I) or remortgaging but have to do this in less than 5 months.

Its a tight timeline so I’m thinking of remortgaging to release the funds to him and then selling the house and downsizing.

Is it possible to remortgage, go on SVR and no erc till I find a property? And then reduce my mortgage for the new property- perhaps by porting my mortgage to the downsized property?

I am meeting the financial advisor next week but wondered if anyone here had experienced this?

Do not want to rush to buy my forever home but also can’t wait too long either because I do not want to pay extortion for the additional borrowing for too long.

Please advise

Yrs it’s possible but svr will be expensive

perhaps look to a 2 year fixed interest only with low -% erc so you have only a low charge …if you plan to move pretty soon

A tracker mortgage might suit. Should be cheaper than the SVR.

Yes, it’s possible but get a tracker which will be cheaper than the SVR. You can get one where there is no ERC.