Portable Mortgage

BeauBelle

Hi everyone

We currently have a fixed rate mortgage with Britannia which is due to end July 2012.

My DH has been offered a job in Norfolk and we want to move so that he can take it, can someone please talk me through porting our mortgage.

I know that it is possible through Britannia as its in the paperwork. But we want to buy a bigger house and will need to extend the mortgage. Will this be possible without paying the erc and having to take a new mortgage?

Many Thanks
BeauBelle
x

G_M

If you want to talk to someone about your mortgage needs, call us on 0800 013 1140 or visit your local branch.

Milliewilly

Normally you would take an additional mortgage out for the rest (unless you have overpaid so much you are in massive credit with the mortgage - then just draw back the cash) and keep the existing mortgage going on the new property (it will have to be a Britannia product if you port your existing mortgage). You need independant advice depending on the deal you're on as to whether its cheaper to pay the erc with the Britannia and move to another lender on a totally new product, or, take an additional mortgage product from the Britannia to top up your existing mortgage.

Firewallrob

You can port a mortgage in your case, if the mortgage amount is the same amount or more, and on the same interest rate.

If you borrow less or change the rate, they will charge an erc.

Be aware that they will check your income etc in the same way as your first application, and will reject the application if they think you cannot afford it.

So called portability only means that if "they" feel you can afford it and your credit is good ......and you keep the same rate.....then you pay no erc, but may still be charged certain other fees eg. sealing fee etc.

Best of luck with your move :cool:

EDIT Beaten to posting above hehehehe

BeauBelle

Thanks all for your very helpful replies. I will keep you posted

BeauBelle
x

Milliewilly

Firewallrob wrote: »

You can port a mortgage in your case, if the mortgage amount is the same amount or more, and on the same interest rate.

If you borrow less or change the rate, they will charge an erc.

Be aware that they will check your income etc in the same way as your first application, and will reject the application if they think you cannot afford it.

So called portability only means that if "they" feel you can afford it and your credit is good ......and you keep the same rate.....then you pay no erc, but may still be charged certain other fees eg. sealing fee etc.

Best of luck with your move :cool:

EDIT Beaten to posting above hehehehe

Depends on the terms as to whether you can borrow more. I took out a £65K mortgage in 2007 at base + 0.17%. I overpaid and the balance is now £40K. Believe me I have tried to get back that extra £25K at base + 0.17 % but will they let me - no.