House sale fell through - mortgage advice for us now?

[raeya]

Hoping someone can offer some advice or experience please?

Our house was sale agreed and sadly near exchange date the sale fell through (no fault of ours or the house).
House now back on market and hoping for another buyer.

Our fixed rate mortgage offer ended 6 months ago and we were ok to put up with the standard rate for a few months as we were sale agreed and it should've only been a few months. However now there is no time frame on if/when the house will sell it is a problem as we are really short of funds.

What would others do? Or have done? Or any great advice?

Looked online at current mortgage advisor offers and all are for a min of 2 years commitment and have an early repayment charge of £2k plus. I know we could sell next week/month but also might not. after our fixed rate finished the monthly payments increased by £215!

Could you remortgage your current house and then port that mortgage when you sell/buy in the future?

Maybe get and AIP for the amount you need for what your new house would theoretically cost just to get an idea that they would lend you more?

Also meant to say sorry the sale fell through and hope you get a new buyer soon.

Get a tracker? No ERC. You'll likely still pay a product fee and your rates will rise in line with BoE base rate, but given that's looking further off than we thought 6 months ago you can calculate whether it's worth it to save the ERC.

Thank you for replying - we are actually selling to release funds and move into rented for a period.
I know that is a bad move normally but our goal is to self build and we need some of the house sale to progress.

@Palavah

Get a tracker? No ERC. You'll likely still pay a product fee and your rates will rise in line with BoE base rate, but given that's looking further off than we thought 6 months ago you can calculate whether it's worth it to save the ERC.

Oh really - I thought EPC was on them all when I was looking. I'll log back in and double check - this could be just the thing. Thank you.

@LaLaFlottes

Also meant to say sorry the sale fell through and hope you get a new buyer soon.

Thank you. We are devastated as we were so near the end, started packing, had a rented place signed. But one more Xmas in this lovely house that we love - only positive I can think of right now!