Rough idea of monthly repayments when porting a mortgage.

ThisTime

Hi, I currently have a mortgage with nationwide for axp £156,000 at the basic rate of 2.5% montley repayment is £621.

We would like to move and from reading post on here I understand it may be possible to port this rate. could anyone give me a idea of what repayments would be on the following and how it works ?

Really not v clued up with this type of thing so would appreciate any input.

Hope to purchase new house at £360,000 and would require a £300,0000 mortgage .
Port current £156,000 and then remainder £144,000 i assume would be at a higher rate ?

Could anyone give me a rough idea of repayment each month.

Thanks

ThisTime

should add mortgage would be over 30 years

Thrugelmir

Best to speak to Nationwide. As depends on whether they will port, and secondly if they do, what product they will offer on the additional borrowing. As your very close to an 85% LTV.

Also how many years you wish to repay over.

ThisTime

Thanks for your response.

Nebulous2

Get an online mortgage calculator and play around with different scenarios to get an idea of what the figures could look like. For instance if you got the whole lot at 2.5% you would pay £1194 a month for 30 years. If you had the ported 156,000 at 2.5% and the rest at 5% you would pay £1402 a month. Look at scenarios if interest rates rise, if you lost any additional payments such as bonus etc to see what your possible risks would be.

That meams when you approach your mortgage lender you will be going armed with an idea of what you are looking for.

ThisTime

Thanks ever so much for your help. I have just had a look and understand it a little more ( i think! ) i was hoping repayments would be less than that with porting but looks like i would save around £82,000 in interest over the term by not taking out a whole new mortgage- if i am looking at it correct.

Thanks again

getmore4less

the current mortgage has a term of 29.75 anyway so just add the cost of the extra borrowing to the current payment that will get you close enough.

£300k over 30 years average rate
0.0% £834
2.5% £1186
3.0% £1265
4.0% £1432
5.0% £1611

Don't forget the costs of moving £9k SDLT

ThisTime

getmore4less wrote: »

the current mortgage has a term of 29.75 anyway so just add the cost of the extra borrowing to the current payment that will get you close enough.

over £300k over 30 years average rate
0.0% £834
2.5% £1186
3.0% £1265
4.0% £1432
5.0% £1611

Don't forget the costs of moving £9k SDLT

Brilliant - thank you

ThisTime

would i be able to extend the term of existing (as well as new ) mortgage to a 35 year term ?

Thanks

getmore4less

35 reduced the cost by around £100pm is that enough?

The current mortgage has a term of 29.75 anyway so just add the cost of the extra borrowing to the current payment that will get you close enough.

£300k over 35 years average rate
0.0% £715
2.5% £1073
3.0% £1155
4.0% £1329
5.0% £1514

Don't forget the costs of moving £9k SDLT

ThisTime

getmore4less wrote: »

35 reduced the cost by around £100pm is that enough?

The current mortgage has a term of 29.75 anyway so just add the cost of the extra borrowing to the current payment that will get you close enough.

£300k over 35 years average rate
0.0% £715
2.5% £1073
3.0% £1155
4.0% £1329
5.0% £1514

Don't forget the costs of moving £9k SDLT

Thanks again for your help- £100 a month less would be a bonus. going to look into help to buy to so that may help me initially.

Thanks again :T