Mortgage porting query- can I do it?

minibbb

Evening

I currently have a mortgage for £116000 which is on a SVR of 2.99%. It was fixed for two years at 5.75% but dropped to SVR last
year.

Basically I wish to sell my flat and buy the one next door which is smaller and more affordable now that I will be living on my own. Im with the Bank of Ireland.

I want to keep my SVR. Should the Bank allow me to Port the mortgage over at the current SVR rate im paying? My mortgage was a 95% one, should they allow me to keep this as it is? The paperwork says I can port but goes on about the promotional period which im guessing was the first two years when the mortgage was fixed.

If so ill be paying them back about 3K to bring my mortgage on the new flat to 95%.

Many thanks in advance for any help!

_Andy_

Have you rung them and asked?

opinions4u

You need to talk to the lender.

1) Most lenders don't port the SVR, but some do.

2) Most lenders won't lend at 95%, but some do.

3) Just because you had 95% before, doesn't mean they are obliged to offer the same again.

minibbb

Not asked yet as only saw the mortgage advisor tonight and the bank is closed till Monday. Doesnt sound too positive then I guess :-(