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Porting my mortgage - good idea?
Bec_bec
Posts: 8 Forumite
Hi,
Our current mortgage is with Nationwide and we have been on the SVR for over year which is quite low at around 2.5%. We are now looking to move and have been told we can port our mortgage accross with us and top up with a new mortgage on the excess. This would mean that we effectively have 2 mortgages running parallel, one fixed for around £40K and one on the SVR for the main part of our mortgage. This seems to make sense as our monthly repayments would be low due to the SVR portion. However, i am slightly concerned about what could happen when/if the rates rise again and we would have to remortgage the main part again and pay fees etc. I wonder whether we should just bite the bullet and get new mortgage for the whole amount or whether we are best to port accross for now and see what happens.
Any advice?
Many thanks!
Our current mortgage is with Nationwide and we have been on the SVR for over year which is quite low at around 2.5%. We are now looking to move and have been told we can port our mortgage accross with us and top up with a new mortgage on the excess. This would mean that we effectively have 2 mortgages running parallel, one fixed for around £40K and one on the SVR for the main part of our mortgage. This seems to make sense as our monthly repayments would be low due to the SVR portion. However, i am slightly concerned about what could happen when/if the rates rise again and we would have to remortgage the main part again and pay fees etc. I wonder whether we should just bite the bullet and get new mortgage for the whole amount or whether we are best to port accross for now and see what happens.
Any advice?
Many thanks!
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