Nationwide - Porting?

Wellgood

I have a 3 year tracker (2.9%) with Nationwide that will be coming to an end in May 2011 which will then go onto the BMR - currently 2.5%. The amount is for 140k

I am planning to move house soon where I will need to borrow approx 190k. So can you confirm

1. I can port my current mortgage of 140k at 2.9% if move BEFORE May after which it will go onto BMR?
2. I can port my current mortgage of 140k at 2.5%(BMR) if move AFTER May i.e. Can port the BMR?
3. Is it better to aim to move before or after May?

Thanks for any help you can give

magnum_pi

I have a Nationwide mortgage that's on BMR. I'm pretty certain that the BMR remains portable. Obviously any borrowing over the current balance will have to be taken on whatever deals are available at the time.

madmish00

As above. The mortgage remains portable after the switch to BMR but if you want additional borrowing it will be on a new product and if for example it is a 2yr fix that will revert onto the SMR rather than BMR at the end of the term. So you would effectively have two mortgage accounts on the property which could each be dealt with seperately (and if you were looking to overpay gives the added advantage of being able to overpay upto £500 per month per account)

Wellgood

Thanks magnum_pi and madmish00. You have just cheered me up on a miserable sunday evening .
Think I am quite lucky to be able to go onto the BMR for the original 140 and port it too - quite a good rate at this moment in time!

Madmish - thanks for comment on overpaying, makes alot of sense!

Crashandburn

madmish00 wrote: »

As above. The mortgage remains portable after the switch to BMR but if you want additional borrowing it will be on a new product and if for example it is a 2yr fix that will revert onto the SMR rather than BMR at the end of the term. So you would effectively have two mortgage accounts on the property which could each be dealt with seperately (and if you were looking to overpay gives the added advantage of being able to overpay upto £500 per month per account)

The first part will be on the BMR which means unlimited overpayments as you are not tied in. Also redraw of overpayments allowed too