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  • FIRST POST
    • charco
    • By charco 15th Jun 17, 12:21 PM
    • 39Posts
    • 14Thanks
    charco
    Porting mortgage + additional product
    • #1
    • 15th Jun 17, 12:21 PM
    Porting mortgage + additional product 15th Jun 17 at 12:21 PM
    Sorry, all the questions today.

    As our current mortgage deal doesn't finish until September and we're moving in August we end up with two mortgage products (one ported for the existing amount and one for the extra we need to buy the house).

    What I don't understand is what happens when our current mortgage deal expires in September. Normally we'd just sign up to a new deal or leave it on a standard rate. Is it still the same when you effectively have two deals? Is it possible to roll them up into one deal?
Page 1
    • kingstreet
    • By kingstreet 15th Jun 17, 12:48 PM
    • 32,080 Posts
    • 17,170 Thanks
    kingstreet
    • #2
    • 15th Jun 17, 12:48 PM
    • #2
    • 15th Jun 17, 12:48 PM
    Yes, you should be able to choose a new customer retention product for that first tranche of borrowing.

    No, you won't be able to roll them all up into one.

    You need to discuss your options with your lender to establish its procedure.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • glosoli
    • By glosoli 15th Jun 17, 4:36 PM
    • 667 Posts
    • 384 Thanks
    glosoli
    • #3
    • 15th Jun 17, 4:36 PM
    • #3
    • 15th Jun 17, 4:36 PM
    If the additional borrowing proportion is taken on a product with no early repayment charges i.e their Standard Variable Rate product then you could be in a situation where you could potentially merge both together onto a single product. But if the additional borrowing proportion has an early repayment charge then you could obtain a new product for the existing and potentially review it in future.
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