Porting and help to buy equity loan scheme

Mazzistar · 20 August 2015 at 12:21AM

Hi
I have recently remortgaged with Nationwide and signed up for a 10 year fix (mortgage of £141000) - we thought it was a good idea to do this while rates are fairly low, before any rises. But...

Subsequently my husband and I have seen a few new build properties locally that we like and we've been investigating online the help to buy equity loan scheme as an option to help us to purchase a larger property. We are likely to have a deposit of about £80000 and would be looking to buy a property of market value of £275000.

Our current Nationwide mortgage has an ERC attached to it which is 7% for the first four years (so almost £10k if we have to repay the loan or transfer to another product!). I understand we can port the mortgage instead if we move house (and not incur the ERC), if they agree to the port. Is this likely? I am wondering if they will agree to porting if we are going down the equity loan route. Or is it just up to them to decide?

Any knowledge on this subject would be great!

Thanks

kingstreet · 20 August 2015 at 5:09AM

You pick a standard Nationwide product on HTB Equity Loan, so you should be able to port your old rate to your new mortgage, with any increased borrowing taken from one of Nationwide's current products.