Porting and Draw down

jennynoo

Hello, I'm looking for a bit of advice. We're planning to move house and I've spoken to my current lender. We have 30k left on our current mortgage but 84k overpayments which we can draw down. This mortage is on Nationwides base rate of 2.5% and wont go more than 2% above the bank of england rate and we have been told we can port this to our new property. In total we need a mortgage of £140k so we will also need a new mortgage and were planning on going for a fixed for 3 years with nationwide at 2.24% followed by 3.99.

Are we doing the right thing with the draw down and porting or would we be better just taking the full amount on a new mortgage?

carrot_cake

Hi
I know nothing about mortgages and am sure someone will answer your questions for you. I just wanted to say that if by 'draw down' you mean have the overpayments released back to you, make sure you allow an extra couple of weeks before your application to do this. We were told that we couldn't submit an application until the funds had been released back to us. This process took about 2 weeks (this was Nationwide).

HTH

jennynoo

Thanks CC, Nationwide told us about that and have given us an address to write to so we might have to do that soon. We have put an offer on a house but haven't had one on ours yet so seems a bit early at the moment.

TrickyDicky101

It was what I did - certain features of my Nationwide BMR mortgage were very valuable to me (the ability to borrow back overpayments being a key one), also the fact I did not (and do not) currently have restrictions to the amount I can overpay on the BMR mortgage.

I have to say you are jumping the gun if you have already put in an offer on a house without selling yours first. You are not proceedable so if I was the vendor of the house you were interested in I would be pleased you liked the house but I wouldn't take it off the market. Yours might take 6 months (or longer) to sell!