Help please!

Lucy4

My discounted mortgage rate with first active came to an end in Oct 2008 it then automatically reverted to a tracker of 1.1% above the bank of England Rate, therefore now paying 1.6% - my question is, we are considering moving to a bigger property if we do this can we port the Be base rate +1.1% deal to the new house or would we have to find another deal which would probably be much more expensive? We would have 20% deposit for the new property.

_Andy_

If your mortgage is portable than you can port it, subject to current lending criteria.

Lucy4

Thank you!

herbiesjp

Porting is underwritten like a normal mortgage application, so you have to be careful if personal circumstances have changed i.e lower incomes (as lending criteria definitely have changed)

Porting is not guaranteed.

Any extra borrowing has to be taken on a current deal if necessary

Lucy4

Thank you, our circumstances have changed this year as we have started a family hence the need for a bigger property and i now only work part time.

Lucy4

Thank you, i will do that.

dimbo61

You are on a great rate at the moment!
You have gone part time and have new baby/ babies
You want to buy a bigger more expensive property with a bigger mortgage and less equity than you have in your home now.
Unless you are porting the same size mortgage to a bigger property and have the extra in savings you wont be able to port the mortgage.(but please check with lender )
Do you really need to move right now babies dont need a bedroom of there own straight away.
Why not save money for bigger property and overpay mortgage if you can and enjoy time with your new family>
GOOD LUCK