Porting a nationwide mortgage and taking new one to cover purchase.

ThisTime

I have no experience with this and want some help.

I have a £150,000 mortgage with nationwide at 2.5% with unlimited overpayments allowed which you can then use for payment holidays if needed.

I need a new mortgage at of total of £327,000 which would be 85% LTV

So i assume i will continue my normal mortgage at a monthly repayment of £621. How would the additional mortgage work, can it be with a different lender and are the two combined to make a total ltv ? Are there any online calculators where i can work out how much knew one would be ?

Thrugelmir

You would need to top up with a further advance from the Nationwide for the additional funds required. After the port you would have 2 sub accounts on the mortgage. One for the mortgage balance ported and the other for the further advance.

What the NW will offer you and whether they will agree to the port depends on their current lending policy at the time of application.