Porting mortgage?

Babynamehelp626 · 2023-06-03T15:48:22+00:00

We have been thinking about selling and buying a new house. We are currently a year into a 5 year fix and wouldn't want a new mortgage at todays rates anyway. I've heard I might be able to port my mortgage (it would be a similarly priced property) but don't know much about this? How do I know if bank will let me do this? What does it entail? Thanks

FrazzledMCPremenopausalWoman · 03/06/2023 16:52

Check the mortgage offer you were issued for your existing mortgage. The answer will be under the section headed "What happens if you want to move home?"

Original poster

Babynamehelp626 · 03/06/2023 17:31

Thanks it does seem to suggest it's possible. Do they usually agree even though interest rates have changed a lot?
The other complicating factor is I'm currently on maternity leave... we wouldn't do this now but have seen a house we like (probably naive to think it'll wait for us to be ready to sell though!)

OP posts:

LuckOfTheDrawer · 03/06/2023 17:48

I think they'll port the mortgage, but it won't be at your current rate I'm afraid 🧐. But I'm not an expert!

FrazzledMCPremenopausalWoman · 03/06/2023 18:34

Babynamehelp626 · 03/06/2023 17:31

Thanks it does seem to suggest it's possible. Do they usually agree even though interest rates have changed a lot?
The other complicating factor is I'm currently on maternity leave... we wouldn't do this now but have seen a house we like (probably naive to think it'll wait for us to be ready to sell though!)

Porting means you can take the current rate with you to the new house, subject to underwriting and valuation. If you're looking to borrow any extra money, the top-up amount will be lent at current rates. Who's your lender?

FrazzledMCPremenopausalWoman · 03/06/2023 18:36

Babynamehelp626 · 03/06/2023 17:31

Thanks it does seem to suggest it's possible. Do they usually agree even though interest rates have changed a lot?
The other complicating factor is I'm currently on maternity leave... we wouldn't do this now but have seen a house we like (probably naive to think it'll wait for us to be ready to sell though!)

Sorry forgot to add... most lenders will be ok with you being on mat leave, you'll usually just have to confirm that you're going back to work on the same hours and pay as prior to mat leave. The underwriting will factor in an extra dependent person though, if you've had a baby since you took out the mortgage.

FrazzledMCPremenopausalWoman · 03/06/2023 18:37

LuckOfTheDrawer · 03/06/2023 17:48

I think they'll port the mortgage, but it won't be at your current rate I'm afraid 🧐. But I'm not an expert!

Porting is exactly that - taking the current rate with you to a new house.

biedrona · 03/06/2023 18:57

I'm porting my 2 year fix despite selling my flat in March. I have 6 months to port which I am doing. So my new mortgage starts in June at 1.24% for the remaining 11 months or so. Sweet!

InTheCludgie · 03/06/2023 18:59

We move house in two weeks and are almost two years into a five year fix at 1.19%. We're porting and keeping the same mortgage rate (Nationwide is our lender) and we're not borrowing any extra on top, deal was signed off very quickly as its a straightforward port.

Clymene · 03/06/2023 19:00

I ported my mortgage. Unless you're looking to borrow more, it's a painless process. Obviously they will need to value the property to ensure it is worth more than you've borrowed.

Christmascracker0 · 03/06/2023 19:06

I’m in the process of porting my mortgage and it’s very easy!

I just called my lender and asked if it was OK - they had to re-do eligibility checks and I’ll have to provide some payslips but much easier (and cheaper!) than applying for a new mortgage.

LuckOfTheDrawer · 03/06/2023 20:37

Oh, every day is a school day 😄!

Persipan · 04/06/2023 08:04

Be aware that they will still probably make you do a full application for your mortgage even though your already have it. They aren't really supposed to do this, but most of them do anyway. They will probably be particularly interested in your upcoming childcare costs, out any other significant changes to your financial situation.

InTheCludgie · 07/06/2023 16:07

Persipan · 04/06/2023 08:04

Be aware that they will still probably make you do a full application for your mortgage even though your already have it. They aren't really supposed to do this, but most of them do anyway. They will probably be particularly interested in your upcoming childcare costs, out any other significant changes to your financial situation.

This is likely accurate, we had made an application last year to borrow a bit extra on top of the remainder of our mortgage. I'm a FT student and not only did they refuse the extra amount requested, they wouldn't let us port the full amount remaining on our mortgage even though it was fixed for another four years and we had no issues paying the current mortgage.