Mortgage considerations

[m00rfarm]

My son is taking out a mortgage in his name only. His girlfriend is moving in soon. At some point in the next three years or so they’ll want to move to a bigger house. His mortgage will be portable. What happens if they want to include his girlfriend’s income for the new property and take a joint mortgage? Is this still allowed to be portable or is it considered a new mortgage? We are trying to decide whether he should have three year fixed or ten year fixed. Don’t want him to have to pay exit fees if he gets a joint mortgage in a few years. Any ideas?

You need to speak to the mortgage provider, they're the only people who can give you an accurate answer.

Me and DP did this, as in mortgage was in his name only but portable and when we moved I was added on. However, that was a tracker mortgage and they wouldn't allow it on a fixed one. I'd be really wary about a tracker right now. Best speak to an advisor but am sure it is possible

Thanks - I was assuming this. But had hoped otherwise. My son is only 20, and this is his first ever mortgage. They were pushing the tracker, but he understands very well that a variable rate right now is not hte best thing. So it is just considering how long to make it - I think 3 years is probably the safest in that case. If they allow it to be ported, then so much the better - otherwise we will have to deal with it when it happens.

HSBC have let my wife be added to mine when we port for our current move, so it must depend on the lender (porting a fixed term mortgage).