Anyone know about porting a mortgage?

[SuperSue77]

Has anyone posted their mortgage before, or in the business and know how it’s done? DH and I thinking’s about moving but want to retain existing mortgage. LTV and amount borrowed wouldn't be changing. I appreciate there would be a lot of paperwork around the new property but do you need to go through your financial situation again?

Yes they do but allowances could/would be made if there was anything causing the case to decline
Personally I would use a broker, so much easier, look for a low fee/free broker as there is no need to pay a large fee as the brokers get commission from the lender

Thank you. I’ve just found the Money Saving Expert page on porting your mortgage and sounds like more hassle than it’s worth! I think we’ll stay put.

We're with nationwide and porting is easy. We're not lining up the sale and purchase, and we're borrowing more.

Basically we pay the early repayment charge when we sell the property, and as long as we buy the next property within 6 months they refund the erc.

Extra borrowing is a second mortgage amount on a new interest rate. So effectively we have two products.