To redeem or not to redeem

Virtual Chrissy Wissy · Joined: 01 Oct 2010 Posts: 2

Hi
we have a new daughter and need to move because of the requirement for a new bedroom. We are currently trying to decide on the best tactics with the Nationwide who we want to renew our 3 year fix with next month (have been with them for 13 years). Ideally we want to keep our house (in the current selling climate) and rent it which means that we want to either pay off the mortgage in full and move placing the new property in the portable product (we have funds to put down as a deposit) or pay off enough to avoid the redemption clause and therefore have two properties on the same product. I realise the high street lenders hold all the aces at the moment (compared to brokers) but I was wondering how much the Nationwide might hardball on the latter of the two ideas (my IFA has no idea which way they'll go in this). I can see the complication here as part of the loan would effectively be "buy to let".

thanks