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Porting

(5 Posts)
haywhenthesunshines Fri 03-Feb-17 19:40:55

Has anyone with a portable mortgage successfully managed to transfer a new property- and how did the process go?

I have just put our house on the market and will be looking for a house of equal or less value ( moving to a slightly cheaper area )..

I'm on mat leave and am not planning to go back but will be starting my own business instead.

Had a telephone meeting with mortgage advisor who didnt think it would a problem re affordability , but couldn't say for sure until it goes to under-writer, which it can't do until we have a buyer , and we have a house to buy. I'm so worried about it. Does anyone have experience of this?
Will the fact I've been on maternity leave cause issues ?

Chickiwick Fri 03-Feb-17 22:47:35

I did this two years ago and it was fine. We moved from a flat to a house which was about £50k more than our flat. The existing flat mortgage was ported to the new house and we had a new agreement for the additional part (same lender etc). Only made one mortgage payment although the statement split it up.

When the fixed term expired 6 months later I just remortgaged again for the whole lot.

The process was annoying because of the shitty legal team the lender used but otherwise it was fine.

Good luck!

Chickiwick Fri 03-Feb-17 22:49:32

Sorry - I didn't answer your entire question but if you are moving to a cheaper property you'll prob be ok and I'm sure there are rules about not being penalised on MAT leave.

dancingqueen345 Sat 04-Feb-17 08:57:15

Agree that the porting itself shouldn't be an issue, but if you are going to be effectively paying back a bit of your mortgage by moving to a cheaper area then might have to pay an exit fee (usually % based, but would have thought only a % of the amount you're paying back not the whole).

Re being on mat leave, if you can prove you have a job to go back to (I.e. Your contract or confirmation from employer) then I don't see how they can penalise you.

haywhenthesunshines Tue 07-Feb-17 11:00:11

Thankyou for your replies.
And thanks for pointing out the possible exit few I didn't consider that...

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