Porting

[haywhenthesunshines]

Has anyone with a portable mortgage successfully managed to transfer a new property- and how did the process go?

I have just put our house on the market and will be looking for a house of equal or less value ( moving to a slightly cheaper area )..

I'm on mat leave and am not planning to go back but will be starting my own business instead.

Had a telephone meeting with mortgage advisor who didnt think it would a problem re affordability , but couldn't say for sure until it goes to under-writer, which it can't do until we have a buyer , and we have a house to buy. I'm so worried about it. Does anyone have experience of this?
Will the fact I've been on maternity leave cause issues ?

I did this two years ago and it was fine. We moved from a flat to a house which was about £50k more than our flat. The existing flat mortgage was ported to the new house and we had a new agreement for the additional part (same lender etc). Only made one mortgage payment although the statement split it up.

When the fixed term expired 6 months later I just remortgaged again for the whole lot.

The process was annoying because of the shitty legal team the lender used but otherwise it was fine.

Good luck!

Sorry - I didn't answer your entire question but if you are moving to a cheaper property you'll prob be ok and I'm sure there are rules about not being penalised on MAT leave.

Agree that the porting itself shouldn't be an issue, but if you are going to be effectively paying back a bit of your mortgage by moving to a cheaper area then might have to pay an exit fee (usually % based, but would have thought only a % of the amount you're paying back not the whole).

Re being on mat leave, if you can prove you have a job to go back to (I.e. Your contract or confirmation from employer) then I don't see how they can penalise you.

Thankyou for your replies.
And thanks for pointing out the possible exit few I didn't consider that...