Porting Mortgage to New Property

moving123

Hi

I am looking to port my existing mortgage to my new propoerty. I am currently in a fixed deal 4.99% initial loan value 95,000, but now currently owe 86,000 and have 18 months left. The buy out is £2800 so not worth doing, Halifax have agreed to port my mortgage to my new home with additional borrowing of £100k.

My bugbear is that they say when they port it will 95K that is ported at 4.99 (the original loan value) and the rest at the new rate, but to me this means that I am double paying the interest on the capital I have already repaid?? Is this really fair? Has anyone else had similar experience an is there a way around this?

becominganobsessivesaver

What rate is the new part of the mortgage at? If it's higher tha 5% you're getting a better deal, if it's a fixed rate lower than that you may be losing out slightly, if it's a tracker then it could go either way. I'd live my mortgage to be ported at the original loan value!mind you I am on base rate plus0.98

opinions4u

moving123 wrote: »

My bugbear is that they say when they port it will 95K that is ported at 4.99 (the original loan value) and the rest at the new rate, but to me this means that I am double paying the interest on the capital I have already repaid?? Is this really fair? Has anyone else had similar experience an is there a way around this?

I think you need to talk to them again.

They should be able to port the £86k without applying any penalties.

It's as simple as rekeying the amount in to the appropriate field on their application system. Whoever you've spoken to hasn't quite thought things through logically.