Woolich changed their porting rules - some advice please.

charlie71

Guessing you all know as apparently it happened a few months ago - Woolich used to let you port your mortgage to another property with up to a 6 month gap between completion of the sale of the old property. I found out yesterday that this is now just 30 days after I gave them a call.
We have about 166k left to pay and are paying 0.68% - (tracker)


We are under offer and are not close to finding our new home yet (will be moving in with inlaws)

Looking at having a mortgage after the purchase of £250k - will have a LTV of about 56% -

My plan was to move that 166k to the new property on 0.68% and the other 90k to the best deal that Woolich could offer - but that is now not likelyto happen.

Would rather have a fixed mortgage for 3-5 years to start off with - Any recommendations of who to use in this situation please?

Anyone think we should put the sale off for a few weeks and rush through a purchase of a new place to keep the decent rate?

Thanks.

Charlie.

Thrugelmir

If you have a proceedable buyer. Then best to let the sale take its natural course.

Use the time residing at your inlaws to boost your savings and therefore require a smaller mortgage. Even if it means staying a couple of months longer.

Morgage_Confused

wow..shame to loose that rate.

charlie71

Yep - I agree mortgage confused - makes me sick thinking about it.

Thanks Thrugelmir - although saving 5/6k whilst staying at inlaws wont be as much as we save speeding up our search to try and make the 30 day port deadline...!
Charlie.

Thrugelmir

charlie71 wrote: »

Thanks Thrugelmir - although saving 5/6k whilst staying at inlaws wont be as much as we save speeding up our search to try and make the 30 day port deadline...!
Charlie.

You may find a switch to a lender such as HSBC with an overall rate for the entire debt comparable.