Can I keep my existing mortgage rate?

liambb

I wish to add my partner to my current mortgage. We'd like to use her income to increase the potential loan amount available to us to buy somewhere more expensive. However id like to do this without jeopardising the current mortgage rate I have with my bank.

I’m certain I read somewhere that its possible to take your existing mortgage rate with you when you move house, even though the general perception is that a new home = a new mortgage? Can anyone assist with further suggestions or information a I don’t want to lose my current rate in the process?

Thanks

speedbird1973

you'll probably find that if your mortgage is portable and you meet their current criteria (not as cut and dried as you'd expect) you can port the mortgage balance at the current rate, any extra borrowing will be taken out as a new product.

For example if you have £100000 mortgage at 2.5% and you need a new mortgage for £200,000 then £100,000 would be ported at the existing rate the other £100,000 on a new product.

I think.

beecher2

First step is to check that your mortgage is portable, and that your lender is still providing additional lending (some aren't). Then it will depend on the salary multiples, credit files etc involved - remember you've got to use present day lending criteria, not the criteria from when you first got your mortgage.