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Porting a mortgage
TJ12
Posts: 5 Forumite
I understand porting a mortgage is the actual interest only which is ported.
We want to move, hoping to get around £100,000 for our house, we are lucky enough to have someone give us £50,000 towards our next place. We owe £20,000 on our existing mortgage.The interest rate is 4.56% fixed until 2016 which we can port.The mortgage actually ends in 2017.
Not sure which is the best way to go about another mortgage, any ideas anyone please? We would only want to borrow over the next 4 years.
We want to move, hoping to get around £100,000 for our house, we are lucky enough to have someone give us £50,000 towards our next place. We owe £20,000 on our existing mortgage.The interest rate is 4.56% fixed until 2016 which we can port.The mortgage actually ends in 2017.
Not sure which is the best way to go about another mortgage, any ideas anyone please? We would only want to borrow over the next 4 years.
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Comments
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You ask your current lender for a new mortgage for the amount and term you need. If it agrees, you port the rate from the old mortgage, making up the difference with a new product from the lender's range if higher borrowing is needed.
If you meant interest-only in the OP, you need to ensure your repayment plan is still acceptable to the lender.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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