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whats a 'portable' mortgage...
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james3333
Posts: 752 Forumite
does it mean that if i move, the extra borrowing i take for a bigger house will be put onto the same rate (i.e thinking of taking a fixed deal at 4.34%) but might be moving late this year. so if i borrow an extra 60k will it be lumped onto the 4.34% rate ?
thanks
thanks
0
Comments
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No. It means a bit of your next mortgage, same size as your current mortgage, will be on your current rate and the extra money you're borrowing will be on one of the lender's offers at the time you apply.
You have to satisfy the lender's criteria, affordability and loan to value requirements and qualify for the bigger mortgage like anyone else. There are no guarantees.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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