So our fixed mortgage is due to re fix next months - we only have fixed no floating.
We are planning on moving next year sometime. From what I understand even if I’m selling and re buying, if I take out (eg) a 3 year fixed rate. When the time comes I will have to pay a break fee. Does this sound correct and there is way round not being charged a fee, apart from going on a floating rate? Thank you :)

jojo76 - 2021-07-04 17:57:00

In your situation I would be inclined to only fix for one year. We always use this option as rates and circumstances can change over even that period. Suggestion is to discuss this with your mortgage people and then make a decision. Capricorngirl

mlarkin - 2021-07-04 18:52:00

Check with your bank about what would happen if you bought and sold during a fixed term. We are with the BNZ and at one time when we were buying and selling during a fixed term, they just transferred the mortgage from house A to house B and no break fee was charged

jascas - 2021-07-04 21:05:00

jojo76 wrote:

So our fixed mortgage is due to re fix next months - we only have fixed no floating.
We are planning on moving next year sometime. From what I understand even if I’m selling and re buying, if I take out (eg) a 3 year fixed rate. When the time comes I will have to pay a break fee. Does this sound correct and there is way round not being charged a fee, apart from going on a floating rate? Thank you :)

Seek out an experienced broker

jeffqv - 2021-07-05 13:48:00