5 year fixed at 4.19 or 10 year fixed 4.99

Thrugelmir

Porting isn't a "right" within a mortgage contract. Lenders can refuse to do so.

With regards to Consent to Let. Do you want the hassle of running a business and the risks that go with letting property? There's good advice on the House, Buying and Selling Forum if you want to take a closer look at what it involves.

mortgagebaby

the key facts illustration says "loan is portable". i would have thought that was a contract term and not subject to lenders consent? You probably know better than me....This is critical to my decision and I'd been working on this basis, help!

Thrugelmir

mortgagebaby wrote: »

the key facts illustration says "loan is portable".

Which is subject to lending criteria at the time of the request to port.

Put bluntly a lender can just refuse you a new mortgage. If they wished. Without giving a proper explanation.

Having said the above I wouldn't be overly concerned. In the vast majority of cases porting is not an issue.

mortgagebaby

right.this is where i am. im 31 and will (unless i win the lottery) need a mortgage for next 10 years. i realise that the 10 year term has penalties but subject to me remaining financially equal to where i am now this shouldnt be an issue as i 'should' be able to port....

sorry, im probably being thick but i dont see how the penalties come into play if i need a mortgage over next 10 years and i can port?

therefore, interest rates dont need to rise that much for me to be better off in 10 years by taking the 10 year term. also, how much is certainty/peace of mind worth?

i know im trying to convince myself that 10 year term is best but 5 years will go so quick and im 'sure' the rates will be higher then than now? am i being naive?

ifanyone knows what the Leeds policy is re consent to let, please let me know. THANK YOU TO ALL FOR YOUR REPLIES, REALLY APPRECIATE IT.