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Porting our mortgage
RachelandAndy
Posts: 2 Newbie
Hi
Apologies if we have missed a previous thread on the same subject...
We are looking at moving house, porting our current fixed rate mortgage over to the new house. Our existing mortgage is over 25 years.
We will need to borrow an additional sum of approx £60,000 to make this purchase and have been advised to take this out for a similar period as our existing mortgage and then when both terms are up roll them into one mortgage repayment.
What we were wondering is whether this additional mortgage needs to be over the same 25 year term or whether we could reduce our outgoings by taking that over 30 years say whilst the existing one is based on 25?
Thanks
RachelandAndy
Apologies if we have missed a previous thread on the same subject...
We are looking at moving house, porting our current fixed rate mortgage over to the new house. Our existing mortgage is over 25 years.
We will need to borrow an additional sum of approx £60,000 to make this purchase and have been advised to take this out for a similar period as our existing mortgage and then when both terms are up roll them into one mortgage repayment.
What we were wondering is whether this additional mortgage needs to be over the same 25 year term or whether we could reduce our outgoings by taking that over 30 years say whilst the existing one is based on 25?
Thanks
RachelandAndy
0
Comments
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You can take out a mortgage for whatver term you wish (subject to limits and your age).
Your IFA will advise further.0 -
So we can run two mortgages on the same property on two different time periods?0
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Speak to the lender.
It is possible but only the lender can answer for you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Be aware that "porting" a mortgage is a misleading term. What you are actually doing is applying for a new mortgage (on your new house) with the same interest rate etc as your old one. You still have to go through exactly the same application procedure as if you were a new borrower. "Porting" sounds easy - it's actually no easier than taking out a new mortgage!
(We've been bitten by this one ourselves)0
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