Porting mortgage with Santander

kittycatsam

Hi

We have 18 months left on a 2.5% Santander mortgage and would like to buy a bigger house. We were told that the mortgage is portable and our balance is around 70k. We would need to borrow an additional 65k which is well withing the affordability calculator on their website. We would have a deposit from equity of 80k and also have savings for fees and stamp duty etc..

I've read lots about Santander being a right pain to deal with nowadays and I wondered has anyone ported and increased borrowing recently? How straightforward was the process?

The house we want to make an offer on is unnocupied with no chain and they are willing to take a low offer as they've emigrated. So it would be better if we could avoid annoying the sellers with delays.

Thrugelmir

Your ability to port the mortgage and borrow more is entirely down to your circumstances , and whether these meet Santanders lending criteria.

Have you sold your house?

f12345

I am in the process of doing this at the moment, you have to technically apply for a new mortgage inititially so no preferential treatment or fasttracks etc!

I went through the process of obtaining an agreement in principle with them prior to looking for a property -relatively straightforward as there is no in branch MA near me so it was done over the phone within 24 hours and I was emailed straight after with the document - however if you need to get an in branch appointment I understand there may be a little bit of a wait in some areas.

Once I found a property I called the advisor back whom I had spoken to and she sent the forms to me straight away to fill in (7 page pdf) and I sent all documents over electronically.

I submitted my application 22/07 at 5k less than the amount agreed in principle and received a response yesterday (exactly 2 weeks).

The response was a rejection despite application being for lower than AIP amount, 60% LTV (similiar figures to yours!) and being within affordability calc etc - I have appealed the decision and am now awaiting further response.

But if successful I assume you should have little trouble and the above timescales should be an indication of how long it will take you.

Thrugelmir

f12345 wrote: »

I am in the process of doing this at the moment, you have to technically apply for a new mortgage inititially so no preferential treatment or fasttracks etc!

Moving house will always require a full new application irrespective of the porting aspect.

kittycatsam

Thank you for the replies!

Hopefully your application appeal will go through F.

It's actually going to be about 30k under the calculator amount so I hope that this is a plus for us. We've overpayed a lot with this mortgage and got it down from 25 year term left to 12 within 4 years. Again, really hoping that this counts in our favour.

We have just had an offer on our house so the next thing I guess is to contact Santander and see if they will provide an agreement in principle so that we can make a formal offer.

I'm just wondering about what will happen if they agree to port the existing but won't do a new mortgage for the balance - is it going to be a nightmare getting a second mortgage with someone else?

kingstreet

kittycatsam wrote: »

I'm just wondering about what will happen if they agree to port the existing but won't do a new mortgage for the balance - is it going to be a nightmare getting a second mortgage with someone else?

It doesn't work that way.

You will apply for a new mortgage for the full amount you need to borrow. The rate from your current mortgage will be ported to that new mortgage when the old one is repaid. The increased borrowing is offered on whichever product in the current range you choose.

If you don't qualify for a new mortgage, there is nothing to port the old rate to.

kittycatsam

Thanks for clearing that up kingstreet. That makes far more sense now!