portable mortgage question

Ivrytwr3

I am new to mortgages and have a question! We own a property on a 5 year fixed rate, with 3 years left of that fixed rate and the mortgage is portable (?)
Part of the t&c state that there is an early repayment charge should we pay off the mortgage within the term of the fixed rate.

We have found a property we like and would like to sell our property and purchase the new one. My question is what does it mean when the mortgage is portable? Will i have to pay the early charge? Would i have to pay for new mortgage arrangement fees? or can i just add an extra coule of k to to the existing mortgage?

Any ideas?

herbiesjp

What it means is that you can carry the outstanding mortgage amount and teh current rate across to your new property

The case is treated as a new mortgage and so fully underwritten from scratch, so need proof of incoem, address etc etc.

So in theory the early repayment charge does not become payable (or sometimes it does, but it is then refunded to you)

If you need any extra borrowing, you will need to take this out on one the the lenders current rates. Try and get a deal that will come as close as possible to the expiry date as your first deal, so that way it makes leaving your lender far easier in terms of penalty fees as possible. That is, of course, unless your current lender can offer you a good deal at that point in time

You wil have to pay any arrangement fees on the new part of the mortgage, as well as normal survey fees etc

HTH

Ivrytwr3

thanks for your detailed reply.