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Original poster

Mortgage porting

3 replies

ziggystarrust · 31/07/2016 12:10

Hi
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

OP posts:
Rangirl · 31/07/2016 16:22

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 · 04/08/2016 22:31

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 · 04/08/2016 22:32

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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