Porting to a cheaper property (Santander)

[JillyC8]

Hi, I hope someone can give me advice on this as I find it a little confusing.

I took out a £113000 mortgage with Santander three years ago and bought my house for £184000.

I now owe 98000 and I want to move to a cheaper property (around £145,000). I have had my house valued at 195000.

How does it work? I'm looking at it simplistically and assuming, after fees, that I would end up with a mortgage for around £50,000 after fees etc. This is my aim as I want to reduce my outgoings. My salary remains the same as when I first moved three years ago.

Would this be possible? I'm reading lots of negative reports about porting and thought it would be straightforward if going to a cheaper property.
Any advice would be appreciated!

Are there any early redemption fees on your current mortgage?

When I ported with Santander I had to reapply completely like it was a new mortgage. I was also reducing the amount. You shouldn’t have to pay any fees (even if you’ve got an early redemption charge) but the best thing to do is to speak to them.

I used to be with Santander. I enquiries about doing the exact same thing and the long and short of it was, that I basically had to do an application to port, not dissimilar to applying for a whole new mortgage. I did point out that that isn’t what porting should be about! I may as well just apply elsewhere. But, that was a few years ago. Might be different now. Just give them a ring

Cross post! Maybe it isn’t different now!

Yes I think there are but not sure of the detail. I'm thinking it might be worth paying the fee... I have around 18 months left on the mortgage. I could wait but want to get sorted before my daughter goes to university and also am keen to move to a lower pressure job for myself (but less pay). Basically need to free up some equity and maybe reduce the term too.

Thanks, I will ring them at some point but kind of like to know myself first so I can understand and not have the wool pulled over my eyes so to speak.

Might also be worth chatting to a mortgage adviser to see if there are better deals for you as might be better paying with a fee to get a better deal with another company

My current deal is at 1.69% so was thinking it would be worth hanging on to?

Ugh I left Santander because of the trouble they caused me when moving. Basically told me that I could afford to have a mortgage in a 50,000 pound cheaper house. Even though my wages have went up by £3000 and dh had went up by £8000. So I just went elsewhere as I got fed up arguing with them. They were happy for me to continue paying a mortgage on the more expensive property which worked out £400 more expensive a month - explain that one!!

So basically they didn't want to give you a reduced mortgage? That seems ridiculous as you would obviously look elsewhere ... unless they were holding out for the ERC fee?

Porting doesn't mean you can automatically move your mortgage to another property
You have to apply for a new mortgage and if you get it,and meet the criteria,you don't have to pay early redemption penalty

Ive no idea what they were holding out for, they tried chasing me in the end but I got so fed up with them I left and will never go back. I think it was someone being jobworthy though.

Yes we had to totally re-apply. I would have gone elsewhere but our rate is fairly good. They were a pita though and I think if they could have demanded my blood they would have done.

We didn't want to increase and only had around 20k on the mortgage.

We did have to pay some kind of fee as well. (Not early redemption we are 16 years in)