I've hopefully moving to a new house and just got a question on financing it.
Present mortgage is on fixed rate until November this year. It's also an offset but I don't think that's particularly relevant to this.
We need to take out some additional mortgage to pay for the new house which is more expensive plus some extra for fees and some building work we'll want to do.
The current BS are happy enough to lend what we need on a rate that sounds competitive (without being the best) but it'll be a separate loan/mortgage on 2/3/5 year terms which then means we'll be out of sync with the main mortgage and liable over time to pay fees each time we want to get new deals on either loan amounts unless we stick on SVR with one until the other one comes up for renewal.
Given that we're less than 6 (by the time we actually move) months away from the renewal for the existing mortgage, any suggestions for ways to get the extra money in the interim? Standard loan rather than mortgage? (Our offset savings account isn't enough to cover the full amount we want without leaving us with very little spare if we had an emergency)
Any other options I'm missing? I could exit the current mortgage early for approx £5k but I don't think that doing that will add up as the best interest rates out there aren't that much better than what's on offer.