"Porting" a mortgage

ajsdoc

Hi,

Wonder if anyone can help with this. I have a Woolwich lifetime tracker which has been great at base +0.59%. We need to move house (need an extra room) and I see that the mortgage I have is "portable" in the terms and conditions.

I will need to increase the mortgage significantly to move.

When they talk of "keeping the mortgage if you move to another property" does this mean my existing morrtgage amount would be kept at this (currently unbeatable) tracker rate or am I eligible to apply for the extra funds at the same rate?

I think I know the answer to this already! (Why would they offer me further money at a tracker rate that is now not attainable). Thought I'd ask anyway... (I remain, I think, a good mortgage candidate and will have a deposit approaching 40% on moving)

All help appreciated,

Andy

Thrugelmir

Read the small print of your T&C's. A few number of mortgage offers from some lenders did allow for increased borrowing at the original rate. Though I wouldn't get your hopes up.

The size of deposit (LTV) has more impact on the interest rate you'll be offered not on the amount of the mortage offer. The mortgage offer be made on the basis of affordability which will relate to your own financial circumstances. Underwriting criteria has changed significantly since the financial meltdown and differs between lenders and products applied for.

Peter_L

I'm with Intelligent Finance and that's precisely what I was offered and got too Base + 0.5% for life of mortgage. I was able to increase borrowing (albeit max 75% LTV) and increase term to 25 years but as mentioned, check the small print or better still, give them a ring. Just remember Porting only allows you original rate but treat as new mortgage with current lending criteria so no guarantee for new mortgage

kingstreet

Andy - it would be a pleasant surprise if your lender let you take your extra borrowing on the old rate. In most cases, this is offered on one of the lender's current products.