Porting question

samjandwich

Hi - a quick (and probably boring, sorry) question about porting a mortgage

I'm moving house and porting my mortgage across with Santader. The process has been remarkably easy so far, which was a pleasant surprise, and I have just had the mortgage offer through. The offer is for £480k (the remaining balance on my old flat at time of application). By the time of completion next month, the balance on my current mortgage will be £478k.

Will Santander send my solicitor the £480k on the offer letter or port the £478k balance? That £2k difference would be rather handy for moving costs...

Cheers for your generous help! Sam

kingstreet

The mortgage amount will remain the same, unless you ask for it to be reduced.

If the ported amount is lower than the total new mortgage amount, you will normally be asked to pick a new product for the £2,000 difference.

Santander does have some old products where it can offer increased borrowing on the old rate, so you would need to establish the situation which applies to you.

samjandwich

Thanks KS!