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Porting Mortgage
pollyanna24
Posts: 4,391 Forumite
I own a house with my brother. We plan to sell in about a year's time in order to buy our own places.
Is is possible for one of us to keep the mortgage we currently have (it is a really good rate, tracking the BoE +2%) or do we both have to take out new mortgages?
Is is possible for one of us to keep the mortgage we currently have (it is a really good rate, tracking the BoE +2%) or do we both have to take out new mortgages?
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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One of you will probably be able to port the rate, with some lenders asking for written confirmation from the other borrower they are happy for this to happen.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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as KS says - technically yes - it depends on the lender and the figures involved.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
pollyanna24 wrote: »we both have to take out new mortgages?
A new mortgage will be required in any event. A port is not a transfer. It's merely the attached terms and conditions that move across to the new loan.0 -
Thrugelmir wrote: »A new mortgage will be required in any event. A port is not a transfer. It's merely the attached terms and conditions that move across to the new loan.
Thanks for that.
I will probably need about £130,000 for my new mortgage and my current mortgage is approx £108,000 at the moment, so I will be asking for additional borrowing as well as taking the mortgage on by myself.
The lender is Nationwide.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810
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