New rate for porting mortgage???

impish

Hello, just wondered if somebody could help me. I'm porting my mortgage with Natwest and borrowing more because I am buying a bigger house. I'm 2.5 years into a 5 year fixed FTB deal with them. The girl on the phone told me that extra borrowing will be at a different rate. As it was closing time she didnt have time to explain.

What are the chances of it being lower than my current rate and more importantly can I have the new tie in deal to expire with my current? Any advice greatly received!

Thanks

The exisitng deal is 5% for 5 years. 23 years capital and interest.

Trying_to_be_good

Hi impish

You've not told us what your existing deal is, or your circumstances, so it's very difficult to say if the rate for the new borrowing will be lower!

They're likely to offer you additional borrowing (assuming you meet all their criteria) on a current deal, possibly with the same end date as your current deal if you ask, but quite possibly just an 'off the shelf' product.

If you have the ability to overpay, you can make the new part more flexible (i.e. no charges for over payments) than the current part, and concentrate overpayments there.

Good luck!