ASK233: Should I renegotiate my purchase or pull out because of Coronavirus? PLUS: Should I go for a 2- or 5-year fix?

This week on Ask Rob & Rob, we’ve got one caller who has a question off the back of another podcast episode, and another who’s questioning how long he should get a fixed mortgage for.

First up this week we’ve got Luke from Essex. He listened to a recent podcast episode on pulling out of deals due to the Coronavirus, and out of the number of scenarios that The Robs described, Luke found himself in one of them.

He’s at the point of being able to exchange and complete on a property, however the whole chain has agreed to delay it for the time being. But rather than pull out of the deal, he’s been thinking about whether he can renegotiate the asking price. 

Is this something that’s commonly done?

Our second question comes in from Roosbay. He’s been an avid podcast listener for a few years and today he has a question on remortgaging. 

He has a buy-to-let property that’s up for remortgaging and initially he was looking at a 2-year fixed mortgage simply because he wanted to be able to reassess his situation in a couple of years time.

Roosbay also has a couple more properties that were put on a 5-year fixed mortgage product just before the Coronavirus kicked in. So now he’s wondering if he should put his new property on a 5-year fixed mortgage as well, instead of a 2 year due to the current pandemic. 

So, do Rob & Rob think there will be a significant dip in the market in two years time? What mortgage product should Roosbay be looking at before he is due to complete? 

Tune in to find out. 

 

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