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Mortgage porting

(4 Posts)
ziggystarrust Sun 31-Jul-16 12:10:24

Has any mumsnetter 'ported' their mortgage?
We are looking to move to a different area and it's soooo protracted selling the house and rearranging the mortgage. Is porting a viable option? It makes sense to me but I am financially clueless !!!
Any advice would be very welcome. Thanks

Rangirl Sun 31-Jul-16 16:22:06

Normally you have to pay off the existing mortgage and arrange a new mortgage Porting means you can keep the same terms on the new mortgage subject to meeting the lenders current criteris

Iloveapplepie Thu 04-Aug-16 22:31:43

I am porting - if my house bloody sells - and its a bit of a pain. I am having to pay a broker to sort it out as I have a complicated financial set up with my onward purchase.

It is essentially the same lengthy process as a new mortgage - you have to fulfil the criteria. With Natwest if you pass the additional affordability checks you can borrow more (I think anything up to 25k) at the SVR

Iloveapplepie Thu 04-Aug-16 22:32:11

Due to interest rate today though I'd get a broker to check if you could save money taking out a new mortgage vs the ERC

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