Hopeing someone can help me out here. If i top up my mortgage now and agree to pay the top up off over 7 years, what are the implications (if any) if i decide to move lenders in Nov when the 1 year special rate is up??
There are no implications if you top up on a variable rate. Switching lenders every time a discount rate is up isn't advisable though. You will have to pay legal fees, valuation fees etc as well as the hassle of remortgaging every year or so.
Because we had to get a loan from the C.U for the deposit for the house, the interest rate is higher with the C.U and would prefare to just pay one bill each month!
Yes you will need enough life cover to cover the original mortgage and the top up amount. You probably wont need a solicitor for the top up although this depends on the lender and the amount.
TBH topping up your mortgage and then remortgaging within a year of taking out a new mortgage wouldn't look too favourable to a new lender. Unless your current lender is fleecing you once your discounted period is up you should avoid remortgaging. Also as I mentioned in previous post a solicitor is required to remortgage - is it worth your while to pay €1000+ to switch? Some lenders cover the costs but if you switch again at the end of their discounted period you will have to pay back the legal fees.