woowich porting - dont understand

empress29

Have an offer on our house and we have made an offer on a new house – there is no chain at either end (or so I have been told).

We currently have mortgage with Woolwich and they have stated we can port the mortgage to new place and change the mortgage amount by around and extra £90K and the terms to 25years, so keep deal on original amount and new deal on extra amount. I have had an initial idea of monthly cost over the phone and seems better then getting a brand new mortgage. Now they are calling back on Wednesday to get more details from me. E.g. salary, loans etc etc.

What I don’t understand is the process I have to go through – they said something about you have 30 days to do the porting. So at what point does the 30 days start? At the moment its only been a couple of days since we all accepted offers on the houses, so should I delay giving these details to Woolwich until I have a completion date?

Also I don’t want to wait until the last minute to get a mortgage as I am guessing the woolwich could turn around and say no.

Morgage_Confused

Font...or i need glasses

kingstreet

You are applying for a whole new mortgage with your existing lender. When it completes, the rate from your old mortgage is transferred to the new one, upto the amount you are paying off on the sale of your old property.

Any increase in your borrowing is offered on a new product from the lender's current range. You then have a single mortgage, split into two sub-accounts.

I would guess that the 30 days mentioned is the time you have between repaying the old mortgage and drawing down the new one when your house purchase completes. This will not be an issue if you are completing the sale and the pourchase on the same day as most people do.