Porting question

bclark

I just have a quick question about the process when I move house and port my exisiting mortgage terms. I appreciate that effectively its like a new mortgage with the exisiting amount at the old rate and the new borrowing at the new available rate but is it possible to extend the term on any of the mortage?

For example I have an existing mortgage of approx £120k over 18 years and we are looking to borrow about a further £80k when we move. Would this additional borrowing also have to be over 18 years or could we get it over 20? Could we extend the term on all of it or would that mean we would lose our existing rate?

We are with Nationwide if that makes any difference.

The_J

With Nationwide you can extend the term on either or both parts subject to fitting their existing max age criteria (70).

bclark

The_J wrote: »

With Nationwide you can extend the term on either or both parts subject to fitting their existing max age criteria (70).

Excellent, thats good to know. Thanks.

dave76

yeah thats right, I was told in my original interview a few weeks back that I would have to extend my existing mortgage back to 25 years, at a cost of £20, before porting it to the new mortgage. When I actually did the application over the phone they said the term of the ported bit could be extended as part of the new mortgage application so wouldn't cost anything.

Seems the two parts are separate too - so you can move either part onto another deal, they dont have to go together. I am porting my BMR of 2.5% over with the rest on a 5% fix, if interest rates were to shoot up (although that looks very unlikely!) then I could move just the BMR bit to another deal.

advice_please_2

in a similar position. We have £90k left over 20 years and now on BMR

I rang Nationwide to see if i can borrow more for a house move, and answer was yes. Lady asked would this be over 20 years or more, so I guess the new additional borrowing can be at a different terms

Now where best to borrow another £100k?