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Porting to New Property
Options
Beancounter
Posts: 1,076 Forumite
We have just had an offer on a new house accepted, hoping to move in about 8 weeks time.
Our current mortgage is at 0.75 above base rate, it has just under 9 years left to run and I have a balance of just short of 20K.This mortgage is portable.
We have enough funds to buy the new house outright but we will need to decorate, fit new carpets, new kitchen and would like to do this asap. Would Santander let us port this amount only to the new house or would they expect us to have additional funds as well?
Our current mortgage is at 0.75 above base rate, it has just under 9 years left to run and I have a balance of just short of 20K.This mortgage is portable.
We have enough funds to buy the new house outright but we will need to decorate, fit new carpets, new kitchen and would like to do this asap. Would Santander let us port this amount only to the new house or would they expect us to have additional funds as well?
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Comments
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You can port the old rate to a new mortgage of exactly the same amount as you currently owe, subject to status, criteria etc.
You do not have to borrow more...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 -
Beancounter wrote: »Our current mortgage is at 0.75 above base rate, it has just under 9 years left to run and I have a balance of just short of 20K.This mortgage is portable.
From the lenders perspective there's no commercial reason to offer a new mortgage on the same terms.0 -
Santander should port this for you.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 -
Will this be treated as a whole new application? Obviously credit checks, references etc will need to be done but will it be as strict as it would be for a new borrower?0
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It will be fully underwritten BC.
You are porting the product agreement, not the mortgage agreement.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 -
I am moving home and porting my mortgage with Barclays / Woolwich. The mortgage is interest only but I am obliged by the lender to switch this to repayment. To this I'm adding further borrowing at a different rate. The mortgage company is charging £999 as an arrangement fee. In addition, I've just discovered that they are also charging £275 for redeeming the current mortgage which I'm porting. Not clear how I can be 'porting' and 'redeeming' at the same time. Can the lender really charge me £275 on top of the £999?0
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Read the above post.
You are not porting the mortgage.
The mortgage is redeemed.
The rate is ported to a new application.0
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