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Original poster

Porting a mortgage

11 replies

Dickybow321 · 02/05/2018 02:20

Has anybody been able to port an existing mortgage to a new house and been allowed to extend the term of it? I have an amazing mortgage deal at my current property but the new house is a lot more expensive than my current house so I will be borrowing extra and resetting the term back to 25 years. I know that they won't let me borrow more at this rate and I'll need to probably have two mortgages running side by side. My mortgage does have a port facility but I have no idea if they'll allow me to extend the term. Anybody with some positive examples?

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AllyMcBeagle · 02/05/2018 02:40

Yes. When we moved we ported our old mortgage and extended the term back to 25 years. I could be wrong but my understanding is that it's standard for them to make the old mortgage and whatever new mortgage you are getting with them have the same term. The length of the mortgage should if anything make the monthly payments more affordable, so I think the only stumbling block would be if you're due to retire before the term finishes.

wowfudge · 02/05/2018 06:52

We looked at porting our mortgage but actually found a new deal was better so even paying the early repayment charges it was worth getting a completely new mortgage.

EmmaC78 · 02/05/2018 06:59

Yes I have done it too. Exactly as you described. Ported the existing mortgage and extended the term and then got a separate mortgage to cover the difference.

Original poster
Dickybow321 · 02/05/2018 13:46

Thank you guys, this has made me very happy!
As you can see I'm having sleepless nights about all this by the fact that I posted my query at gone 2am Hmm

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OnePotato · 02/05/2018 20:00

We are porting our mortgage and would have been able to extend the term if we had wanted to. As PP poster says as long as it doesn’t take you beyond retirement age and you pass their affordability checks then you should have no problem doing what you want to do. Ours was with Nationwide and we are on their Base Mortgage Rate which comes with good perks so I wanted to keep our existing product (even though there were no fees due to switch).

sdaisy26 · 02/05/2018 21:59

Yes we were able to do this - port existing mortgage and extend the term. It was very easy to do (we used a broker to run all figures etc for us to work out which option was best).

Original poster
Dickybow321 · 02/05/2018 23:16

@sdaisy26 I'm currently trying to use L&C as my broker but they said I need to talk to my bank direct to see if I can extend it as they (banks) won't usually talk to them about these situations . The deal is 0.19% above base rate so obviously I am very keen to hold on to this!

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Original poster
Dickybow321 · 02/05/2018 23:17

for the lifetime of the mortgage.

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sdaisy26 · 03/05/2018 06:34

@Dickybow321 hmmm our broker organised all of ours no problem (with nationwide). But actually although we'd had a good experience with L&C previously with a remortgage, we did approach them first when we were moving last year & they didn't give us very good advice (were saying we shouldn't port when actually doing so saved us a considerable amount of money). We ended up using a local broker recommended by a friend instead.

Sounds like a great rate, hope you manage to sort.

AJPTaylor · 03/05/2018 06:47

Yes you can but obviously the second mgage will need to be with that lender so do check that overall it turns out to be the best deal.

Original poster
Dickybow321 · 04/05/2018 06:41

That's right @AJPTaylor. Thank you for the advice.

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