Anyone moved (ported) a First Active Mortgage?

MoneyJuggler

I have a First Active mortgage, and got really lucky with the timing, so have ended up on a 1.1% above base rate.

Now hoping to move, and have to re - apply now to RBS, the parent company, as First Active have ceased new mortgages.

I know there will be affordability checks etc, but has anyone had any experience of moving (or porting) a First Active Mortgage?

I am really paranoid that they may be trying to get everyone off low rates,so just the fact that RBS do not offer rates as low as the one I'm on, they may insist I take out a new product at a higher rate?

If my paranoia gets the better of me, anyone had any experience of renting out their property when on a First Active mortgage?

Thanks in advance for any help, apologies if I'm asking really naive questions -only ever bought one house, always had brokers for mortgages/remortgages, and now RBS insist I must deal direct, so am very worried/intimidated by the thought of the process!

kate2954

Hi - I also have a first active mortgage on a 1.6 rate and am hopefully in the process of moving house. I have phoned them a few times recently and they are actually quite helpful ! They have informed me that I can port my current mortgage and stay on the same rate but that any additional borrowing I need will need to be taken out with RBS as First Active are not issuing new mortgages, The minimum extra borrowing you can take out is 25000 and the rate they offered me was 3.5% for about a £400 fee fixed for 2 years which I thought was pretty good given I could keep my 1.6% rate on my existing borrowing. They wont allow you to take out the additional borrowing with another provider but HSBC has a tracker currently which is probably competive when remortgaging the whole amount. Not sure re credit checks but First Active allowed me to change my mortgage term from 15 to 25 years without any further credit checks,

Steakman

Hi, i'm really sorry to thread jump but this is kind of the situation i find myself in too.

I'm with FA too on 1.6%, 80K left over 18 years and our house is marketed and should sell around the 120K mark, i would love to be able to port this mortgage but my problem is that we are looking to fund a self-build on land already owned by family, i wouldn't need any additional borrowing but it seems a bit complicated to me! My familys house is valued around 300K (no mortgage) and the new Bungalow would i imagine be worth around 200K when started and finished!

Does anyone know if this might even be an option? I really don't want to lose that rate!

Thanks in advance!

MoneyJuggler

Hi, Many thanks for your reply, Kate2954 - I have rung them once, and they told me that in principle it was all possible, but that the whole mortgage (even though I'm not increasing borrowing or changing LTV at all) would have to be re applied for as an RBS mortgage, including full underwriting (credit checks etc). This was about a year ago though, so they may have relaxed that a little -have you actually been through the process, or just enquired about it in principle so far?

Thanks again for your reply, it has reassured me a bit though, especially them being so helpful!

Thrugelmir

MoneyJuggler wrote: »

- I have rung them once, and they told me that in principle it was all possible, but that the whole mortgage (even though I'm not increasing borrowing or changing LTV at all) would have to be re applied for as an RBS mortgage, including full underwriting (credit checks etc). This was about a year ago though, so they may have relaxed that a little -have you actually been through the process, or just enquired about it in principle so far?

A port is not merely a transfer. It is a new mortgage so will be subject to current lending criteria. All you will be porting is a given rate of interest on part of the mortgage debt. This would have been a term of your current mortgage which is why RBS are honouring it.

Thrugelmir

Steakman wrote: »

i would love to be able to port this mortgage but my problem is that we are looking to fund a self-build on land already owned by family,

Doubtful that RBS will allow a port to a self build project such as this.

kate2954

Im not really sure Steakman ! I have not gone through the process yet Moneyjuggler but have offer on my house so hopefully soon ! I was under the impression from enquiries that the "portable " part of the mortgage would still be under the label of "First Active " and any additional borrowing under "RBS " Either way they have assured me that the 1.6% rate will be staying subject to meeting current lender criteria. When I changed the terms of my mortgage recently it was First Active who sent out all paperwork , I think they are just not offering new mortgages but dealing with and honouring any existing borrowing.

MoneyJuggler

kate2954 wrote: »

I have not gone through the process yet Moneyjuggler but have offer on my house so hopefully soon ! I was under the impression from enquiries that the "portable " part of the mortgage would still be under the label of "First Active " and any additional borrowing under "RBS " Either way they have assured me that the 1.6% rate will be staying subject to meeting current lender criteria. When I changed the terms of my mortgage recently it was First Active who sent out all paperwork , I think they are just not offering new mortgages but dealing with and honouring any existing borrowing.

Thanks Kate2954, good luck with your move, would be interested to know that it all goes smoothly with First Active!

[Deleted User]

kate2954 wrote: »

Hi - I also have a first active mortgage on a 1.6 rate and am hopefully in the process of moving house. I have phoned them a few times recently and they are actually quite helpful ! They have informed me that I can port my current mortgage and stay on the same rate but that any additional borrowing I need will need to be taken out with RBS as First Active are not issuing new mortgages, The minimum extra borrowing you can take out is 25000 and the rate they offered me was 3.5% for about a £400 fee fixed for 2 years which I thought was pretty good given I could keep my 1.6% rate on my existing borrowing. They wont allow you to take out the additional borrowing with another provider but HSBC has a tracker currently which is probably competive when remortgaging the whole amount. Not sure re credit checks but First Active allowed me to change my mortgage term from 15 to 25 years without any further credit checks,

I'm with First Active too and my rate I think is BS +1.1% so I'm not letting that go.

Always wondered what would happen if we wanted to move house and whether they would kick us off this rate.

Also, currently looking at getting some work done on the house so thinking about extra borrowing. Pity £25K is the minimum but didnt think they'd really let me borrow more at my existing low rate !!!!!

So, basically, are you saying you'd have the original bit at the low rate then possibly a £25K extra bit of mortgage as well?

I'm in the fortunate position of having loads of equity in house but not sure if I really want to add on another £25K. :-(

Any idea if you can off this extra £25K bit early if you want to?

MoneyJuggler

So, basically, are you saying you'd have the original bit at the low rate then possibly a £25K extra bit of mortgage as well?

I think that's what Kate2954 meant -we still haven't sold our house yet, so we haven't been through the process yet.

I spoke to them about a year ago and they were helpful and did a quick affordability check for us moving and buying somewhere else, and the computer said we could actually borrow a bit more, which I wasn't expecting, so they didn't indicate that we would have to switch deals for the existing borrowing at all.

Still nervous about it though - really want to stay on our deal if at all possible.

Now you've resurrected this thread, I'm wondering if kate2954 has progressed at all with First Active and moved her mortgage?

simoncarrington

Hi How did you guys get on with this? Im just about to put my house on the market and Im with FA.

Its confusing :eek:

Thanks for your help.

MoneyJuggler wrote: »

I think that's what Kate2954 meant -we still haven't sold our house yet, so we haven't been through the process yet.

I spoke to them about a year ago and they were helpful and did a quick affordability check for us moving and buying somewhere else, and the computer said we could actually borrow a bit more, which I wasn't expecting, so they didn't indicate that we would have to switch deals for the existing borrowing at all.

Still nervous about it though - really want to stay on our deal if at all possible.

Now you've resurrected this thread, I'm wondering if kate2954 has progressed at all with First Active and moved her mortgage?