Mortgage confused

dexterwolf

I have a 3yr fixed rate that runs out at the end of July with Nationwide. I have had an offer on a property we like accepted and our current house is been sold to friends. For the estate agent to take it off the market they needed a mortgage offer or DIP. So I contacted Nationwide and they gave me a DIP. I am not borrowing anymore money for the new property as I will be using funds from my parents. I am confused though as I have a 2 hour meeting over the phone with the Nationwide mortgage advisor on Saturday. If anyone could help with the below to try and clear my mind.


1) Can I take out another fixed rate with Nationwide and then Port it when we move as I have not got a specific date yet. But this might be mid to late August.
2) Once my fixed rate has run out in two months I will be on the standard rate which will be more but would it be better to then look at another lender or do you incur Early repayment fees.
3) Don't I need to get the mortgage Agreed so they do Survey etc on the new property .
4) what has anyone else done when they have sold and moved house with your Mortgages. Did you port the Mortgage, Start a new Mortgage.


Thanks for any help that you can offer as I am slightly confused.

Thrugelmir

Porting is a transfer of existing terms and conditions. In buying a new property you will need to make a full mortgage application. This will involve all the normal checks along with a surveyor performing a property valuation etc.

If you are unsure as what options are available. Then contacting a broker for advice may be your best option. Though first ascertain what products the NW will offer you.

dexterwolf

Thanks for the response, But in making a full Mortgage Application for a new property what happens to my current Mortgage?. Also Would it just transfer to the new property on the agreed sale date but I would stay on my fixed rate until it runs out and then move to the new agreed one for the new property.

Thrugelmir

If NW are agreeable to the port request, your existing balance will be transferred across to the new property. The loan will incur the same rate of interest as the product as you are paying at that time.

dexterwolf

NW have said that the mortgages are portable to me on the phone. Ideally as I have 60 days left on my fixed rate. I wanted to fix again for say 2 years and then just port it as that sounds easier in principle. I just wondered if anyone else has done this before and if there were problems or any early repayment fees.