Porting.....

NoDebtForMe_2

Hi
i am porting £35,000 from my present house onto my new mortgage for my new house. It is 5.49%. This was a remortgage (as fixed term was up) 6 months ago. The rest £80,000 will be on a rate that exists now. The advisor told me because the bit I am porting is up in a year and a half (2yr fixed) I would need to have the larger bit for the same time so they both renew together. This isnt a problem albeit for me thinking the rates are good to fix for 5 years at this present time. Is there any way of not fixing for this short time? The larger portion is on 4.49%.
Sarah

getmore4less

You should be able to fix the new part for whatever you like allthough some lenders may put a restriction on this.

If you fix beyond your current deals date you then will have to deal with the current loan in 1.5y time.

You don't have to remortgage when fixed terms are up you can let them go to the follow on rate for the rest of the term or remortgage later.

There are other options especialy if you have very good LTV that wld allow u to borrow another £35k and there are no/low fees to change term and from interest only to repayment.

NoDebtForMe_2

getmore4less wrote: »

There are other options especialy if you have very good LTV that wld allow u to borrow another £35k and there are no/low fees to change term and from interest only to repayment.

Sorry I dont unerstand this bit....could you explain it in another way please?
Thanks!