What would you do. Fixed rate ends in August. I want to move!

[Overthinker89]

Hey all, looking for your valuable insights. My fixed rate ends in August with Halifax. I'd like to move this year. Should I secure a new mortgage rate on my current rate and then port the mortgage. Or should I hope that I can find somewhere and sell by August and then take out a new product once my deal ends? Slightly confused by my options. Want to avoid defaulting to a variable rate if poss.

I would go onto variable for a while. Why not?

you can often get tracker deals with no early repayment fees and better value than standard variable rate.

We had a portable mortgage for our first house and moved with 6 months to go. The process was fairly simple it just meant we ended up with two mortgages. One from the original house and a second topping up the mortgage to buy the second house. It does mean there is slightly more admin as the fixed rates end at different times

I would wait until you deal is about to end and see what rates you can get with fixing Vs the variable rates and go from there. You can lock in a new rate up to 3 months before your deal ends which can give you better interest rates depending on how they change over that time. We secured our last fixed deal 3 months before our deal ended and one week before the Liz trust budget which meant our interest rate was 3.8% and not the 6% it would have been if we had waited for our fixed to end!

Tracker for the interim period! It’s not the bank’s variable rate, which is much higher. You just need to call them and ask to be moved to a tracker when your current fix ends. Rates are coming down, now is not the time to fix if you want to move. Although you can port, you’ll be tied to your current lender and if you’re moving house you should be looking at the whole mortgage market.