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Original poster

Porting a mortgage

8 replies

Christmascracker0 · 17/04/2023 17:21

I’m hoping to move house soon and take my mortgage with me - the rate is 1.97% for another 4 years so would be daft to throw away!! I’ve emailed my mortgage broker but just wanted to see if anyone had done it before, was it easy etc? Will I have to provide bank statements etc again?

It’s with Halifax and I’m in Scotland if it makes a difference.

OP posts:
Idontgiveagriffindamn · 17/04/2023 21:22

Porting a mortgage is easy, obviously if you need to fund the purchase further you’d need to get a new mortgage product with the same lender for this amount.
One note the ability to port does depend on the product and the lender - you’ll want to check the T&Cs.

Shamoo · 17/04/2023 22:22

Ported with HSBC, very easy. Had to get a separate mortgage for the additional amount on top. One watch out is that you have to complete on both within six months or they charge you the early redemption fee - or HSBC do anyway.

Meow3855 · 17/04/2023 22:27

I’m in a similar situation! im looking to port my mortgage as it’s at 1.6% and fixed until 2025.

I have a meeting with my mortgage broker tomorrow to do the porting application so I can let you know.

im also with Halifax and based in Scotland

userxx · 17/04/2023 22:30

So if you port your mortgage but need to take out a bigger loan will they do that at the original rate ?

userxx · 17/04/2023 22:30

Shamoo · 17/04/2023 22:22

Ported with HSBC, very easy. Had to get a separate mortgage for the additional amount on top. One watch out is that you have to complete on both within six months or they charge you the early redemption fee - or HSBC do anyway.

Ahhh, that makes sense.

Tromso · 17/04/2023 22:57

userxx · 17/04/2023 22:30

So if you port your mortgage but need to take out a bigger loan will they do that at the original rate ?

No, it's a new rate based on current product range. It's a separate subaccount on your mortgage but the overarching mortgage number is the same.

You do need to be careful if you overpay though, as the payments need to be allocated correctly to each subaccount to avoid going over the 10/20% fee-free allowance each year.

Original poster
Christmascracker0 · 18/04/2023 13:08

Thanks all! I won’t be able to borrow any more as I took the absolute max I could less than a year ago. Both properties will be around the same value as I’m moving location rather than upsizing and I have cash to cover any difference if needed.

OP posts:
Margarita45 · 18/04/2023 13:11

Shamoo · 17/04/2023 22:22

Ported with HSBC, very easy. Had to get a separate mortgage for the additional amount on top. One watch out is that you have to complete on both within six months or they charge you the early redemption fee - or HSBC do anyway.

Ported and took and additional product here too. Double check with your lender, we actually had to pay the early term fee then have it refunded post purchase. Was a pain chasing them to get it back tbh, solicitor did this for us though.

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