Porting Mortgage

[TulipsfromAmsterdam]

I am trying to get my head around porting our mortgage once we sell and can move. Is the amount you port the outstanding balance and does the current payment stay the same? Hope this makes sense.

We have just done this on our purchase. Yes, you port the outstanding balance and everything stays the same, the interest rate and term of that rate, and the amount you pay monthly.

Yes this, but don’t forget if you’re borrowing more the additional amount will be at a different rate and will be an additional payment

Yes absolutely. We were not borrowing more so it was just a straightforward swap. I forgot to add that bit. Thanks

We've done this and essentially you end up with 2 mortgages, running on different % rates and ending at different times!

Assuming you are borrowing more and have your current mortgage on a locked deal!

I am are doing this at the moment. My payments are increasing as I am reducing the term. The amount is basically the same give or take a couple of k depending on what I've paid off the mortgage between the application and the completion of the purchase