Can you port a part Interest Only Mortgage to another lender?

Treacle44

We've just hit another hurdle in our mortgage saga!

Part of our mortgage (£50k) is on Interest Only with a ISA attached (20 year term of which paid 10 years so far), the rest is on repayment.

How does it work if we port this over to another lender? Can you port the ISA product or would we need to leave this and carry on paying into it?

Thanks

_Andy_

No as it would then be a secured loan / 2nd charge.

yelf

thw whole mortgage would havemto be ported: you can not port part of it

Treacle44

Sorry but no to which part Andy?

Can I not cash in the ISA (which has underperfomed for several years) and use the money to pay off some of the mortgage?

Thanks

Treacle44

Sorry I guess I wasn't clear. I want to port the whole lot onto another mortgage with another lender and change it over to all repayment. Ending the ISA wouldn't incur any charges would it?

Thanks

TroJon

Basically you close this mortgage entirely- it would be paid off by your new lender.

You then owe the full amount to your new lender under the conditions you and themselves agree and accept.

I.e. you can have the same arrangement probably, but on different rates with a new lender.

Wakey2008

What you are doing is remortgaging not porting.

But yes, you can take a new mortgage with a new lender on the same basis providing it is acceptable to them.

IE: You have £100,000 with say Nationwide on 50/50 part & part split and you move to say Abbey on £100,000 with same 50/50 split. As Trojon points out there will be different terms but the basis is still the same.

ILW

I thought you could only port a mortgage from one property to another using the same lender.