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Complicated Remortgage - help!
jfpw
Posts: 1 Newbie
I jointly own 2 properties with my wife with a joint mortgage on one of them. The property the mortgage is actually on is worth £500,000 and the mortgage is approx £280,000 with a flexible tracker at 1.49 above base rate (17 years left to run). The other property is worth £525,000 approx.
We need to move the mortgage to the second property and, ideally, have the mortgage only my name on that property at some point after. Also intend clearing down the mortgage by approx £100,000 before or afterwards (the product we have allows this without penalty).
How can we go about doing this in such a way as not to lose the flexible mortgage deal and good rate we currently have? Having to go to a new lender may not be viable with the current rates available out there.
We need to move the mortgage to the second property and, ideally, have the mortgage only my name on that property at some point after. Also intend clearing down the mortgage by approx £100,000 before or afterwards (the product we have allows this without penalty).
How can we go about doing this in such a way as not to lose the flexible mortgage deal and good rate we currently have? Having to go to a new lender may not be viable with the current rates available out there.
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Comments
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No way I know of transferring a rate from a mortgage on one property to a mortgage-free property you already own. Ask the lender. No other option, I'm afraid.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Kings is right - porting is only in relation to transferring on a new purchase, not to a property already owned, even if it is unencumbered.
Hope this helps
Holly0
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