Porting mortgages

[Blessedbethefruitz]

Has anyone ported recently? Dp says that the bank is almost sure to say no to a port due to our interest rate (fixed at under 2% for another 4 years) and the current BOI base rate. I'm just feeling so guilty atm about ds4 and how much he wants a garden :( We would have to take on a bigger mortgage to get one even with a much smaller home...

Yes, I have just ported my mortgage - agreed a couple of weeks ago. It was really straight forward and organised really quickly. Obviously any additional borrowing would be at the higher interest rate. Good luck!

If your agreement allows porting (not all do) & you get the additional lending, I very much doubt any bank will be refusing it because you have a good rate in it.

mine is 2.58 & it's not something I've given a second thought to.

the rate I'd be able to get on the balance I'd need is putting me off though. Especially as I really needed more than they said I can have (like you said, the 'garden gap' is huge) & I can't down size (or I'll be in a shed!!)

🤦🏻‍♀️🤦🏻‍♀️

We have just agreed to port ours at 1.69%. The additional borrowing is obviously at the higher current rates.

It doesn't matter what your current rate is. They still get the interest on that part plus high interest on another part. Why would they not agree?

Been with Nationwide for 12 years and they wouldn’t lend the extra money we needed so couldn’t port. Ended up going with Natwest who would lend a lot more than we needed and the cost is less even taking in to account the ERC for Nationwide. So they’ve lost me!

If it’s a feature of your mortgage they will port it, but as others have said, they would need to approve the extra lending and the suitability of the new property.