Nationwide Porting

bjmurp

Hi all,

I'm looking for any advice available.

I currently have a nationwide mortgage and pay 2.5% var on my current mortgage of a remaining £130k. I'm looking to move home and take on a mortgage of £170k, would i be better 'porting' my current mortgage then looking for the outstanding on a seperate or taking on a whole new mortgage?

I est. we would get £150k for current home and could get the housebuilder to pay 5% deposit on the new home giving a £30k deposit on a new mortgage.

Thanks for any advice.

B

kingstreet

New mortgage with Nationwide for the £170k you need, subject to status and criteria of course.

Port the 2.5% BMR to the first £130k of the new mortgage and take whatever is the best deal from Nationwide's current products for the £40k difference.

Thrugelmir

bjmurp wrote: »

I est. we would get £150k for current home and could get the housebuilder to pay 5% deposit on the new home giving a £30k deposit on a new mortgage.

If the housebuilder is contributing 5%. Then the valuation for mortgage purposes may not be as high as you are expecting.

By increasing the LTV to 85%. Then also possible that NW will decline to port existing mortgage. As at this level of LTV, it increases the funding cost to the NW of the mortgage.