Porting a mortgage

[LJM353]

Hello

does anyone have experience of posting a mortgage? The mortgage advisor we have historically used was always quite negative about it! We are on a 5 year fixed deal with a low interest rate. My questions are

1. if we wanted to port our mortgage do we effectively port our current mortgage deal? (Ie we would take our fixed for 5 years at X interest rate with us to new property)
2. are there any fees typically to port?
3. assuming the answer to (1) above is yes, can you only port our current mortgage balance (ie our mortgage is current £X,000 outstanding) or can we borrow more or less and still take our mortgage interest rate with us?
4. does LTV have to remain the same or can this change?
5. is process complicated?

We are in London so with value of mortgage / properties ERC is never going to be a cost effective option!

Just keen to hear Anyones experience given negativity from prior mortgage advisor. Hope my Qs make sense!

thanks!

Typo first line! *porting not posting

We ported ours, everything stayed the same. Ours was with TSB and there was no charge.
We then took another mortgage out to 'top up'what we already had to enable us to buy the new house.
One thing to watch though is that unless you can line them up youll always have 2 mortgages running and offers that expire at different times.

Thank you. Presumably if we didn’t need to borrow anymore from the bank we would be able to escape the issue of having 2 x mortgages.

We did in our last move, it was free and we borrowed more on the same deal. Santander were amazing and it's a great rate we didn't want to give up.

You can port your current mortgage and take your rate with you (double check with your bank, this us generally the case but I understand there may be some products that are not portable). It is a v straightforward process. You can borrow more money to buy the new house but not under your existing rate, you will need to choose from products available at the time. You can increase your ltv up to the max they offer, assuming it is affordable. I have my mortgage in 5 different chunks, on different rates, due to doing this kind of thing.

Thanks everyone. Our mortgage is definitly portable. It’s nice to know we have the option to move in the next 5 years if we wanted / needed without needing to pay the erc (our erc isn’t reducing balance it’s 5% in every year!)

You're lucky, Santander wouldn't allow me to do this so I had to take out additional borrowing.

We did have to fight hard to keep it but it's 0.72 above base rate and a flexible mortgage so we weren't giving in easily!

Maybe that's why @gingercat02 as mine was fixed. It's not worked out too badly for us as we have another 2 years at 1.74 on half of the mortgage, so it's only the original loan which we are paying much more in interest. I'm keeping fingers crossed the rates come down when the other half is due for renewal but I can't decide where any overpayments should be made....definitely need a crystal ball!

@BaBammBamm perhaps. Hopefully ours will be paid off by the end of the year 🤞