Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

porting and borrowing more

(2 Posts)
ilovenavy Tue 21-Jun-16 19:25:32

My mortgage provider has said I can port my mortgage and has said that based on my salary etc, I can borrow an extra £15k more, which is great. If I come out of my mortgage and go elsewhere by paying my ERC - regardless of lower interest rates - id be worse off. Plus I can't afford to take the hit of paying the ERC as I need that money for the purchase.

The man I spoke to at Natwest was quite confusing. When you borrow more on an existing mortgage, is it like you are taking another mortgage out? As in would that be a two year mortgage? At really high rates? The man said he couldn't answer that until I was in a position to proceed with a new purchase - but I need to know the answer so I can work out amount I have....

Rockchick1984 Tue 21-Jun-16 19:44:08

It depends on what your new loan to value is - borrowing £150k on a house worth £500k would mean a lower interest rate than £150k on a £200k property.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now