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Porting Mortgage
new2106
Posts: 1 Newbie
I'm only 1 year into a 5 year fixed mortgage from Barlcays but would like to move home. The mortgage is currently in my name only and I am now looking to move to a new property with my partner, with both of us on the mortgage.
As I want to add her to the mortgage will this mean that I'm effectively ending the current deal (and have to pay the 3% early repayment charge) then get a new mortgage on the new property? Or can I, assuming we both meet the criteria for lending on the new property, change to a joint mortgage on porting the mortgage, and therefore avoid the early repayment charge?
I wouldn't be able to afford the new house on my own so couldn't port it in my name then change it when the fixed term expires as I doubt I would get accepted for the additional lending.
As I want to add her to the mortgage will this mean that I'm effectively ending the current deal (and have to pay the 3% early repayment charge) then get a new mortgage on the new property? Or can I, assuming we both meet the criteria for lending on the new property, change to a joint mortgage on porting the mortgage, and therefore avoid the early repayment charge?
I wouldn't be able to afford the new house on my own so couldn't port it in my name then change it when the fixed term expires as I doubt I would get accepted for the additional lending.
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Comments
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Most lenders allow a joint application with a rate port from a sole mortgage, but I can't say specifically Barclays would allow this.
Wait for more view, or ask the lender.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 -
Barclays do allow this.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
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