Moving house - new mortgage or can I take with me?

[Deleted User]

Currently got a great tracker deal on my mortgage.

If I was to move house to a cheaper house, would I be able to take mortgage with me. Or does it work that you pay off the mortgage with the sale of your house and then start up a new one with the new house?

I guess this would mean I'd never get such a good rate next time?

beecher2

You need to phone up your lender and find out it if is portable, and if they need you to maintain a certain LTV if you move.

carbonmonoxide

I was wondering sort of the same thing. I know my mortage is portable but what happens if you move to a property worth more money? Do you have to borrow the extra money from thecurrent lender or could you go with someone else? If you have to go with the current lender, would it affect your current deal?

VIGILANT22

You couldn't have half a house mortgaged with halifax and the other half mortgaged with abbey...

Re porting you need to contact yr lender with yr enquiry as terms and conditions vary from lender to lender

dwsjarcmcd

Generally if you port your mortgage -

Increased amount - You take the current loan with you and select a new product for the balance. If there are any product fees these are payable for the new product. You should also try to harmonise the end dates if at all possible as if you don't it can make futurwe remortgaging expensive as you will always have ERC's on one product or another. Either that or you are effectively tied to that lender.

Decreasing amount - Take the amount you need for the new property and pay any ERC's for the amount you have reduced the mortgage by. So if you had £150k but only wanted £100k you would pay ERC's on the £50k.

Obviously these are general comments and each lender will have different rules. Porting is a new contract and requiresd full underwriting so again acceptance may be an issue.

[Deleted User]

dwsjarcmcd wrote: »

Generally if you port your mortgage -

Increased amount - You take the current loan with you and select a new product for the balance. If there are any product fees these are payable for the new product. You should also try to harmonise the end dates if at all possible as if you don't it can make futurwe remortgaging expensive as you will always have ERC's on one product or another. Either that or you are effectively tied to that lender.

Decreasing amount - Take the amount you need for the new property and pay any ERC's for the amount you have reduced the mortgage by. So if you had £150k but only wanted £100k you would pay ERC's on the £50k.

Obviously these are general comments and each lender will have different rules. Porting is a new contract and requiresd full underwriting so again acceptance may be an issue.

I'll have to check but mortgage lender is First Active.

TOBRUK

I'm in a similar (but want increase) position - put house up for sale and property I would like to buy I will be short of £15,000 - £20,000. Discovered that my current mortgage is not portable and they do not do portable mortgages. Saw mortgage broker and have been offered portable mortgage and increase of £20,000.