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Selling and Buying
dexterwolf
Posts: 360 Forumite
Our friends are buying our house and I have had a DIP for a House that we have had an offer accepted on. I have a 2 hour interview booked with Mortgage person from Nationwide ( who I had the DIP off and also are our current Mortgage lender). I have 2 months left on a fixed rate mortgage and we are hoping to move at the end of August so after the fixed rate is up. Has anyone ported the Mortgage ( if I decide to get another fixed rate for 2 years ) .
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Comments
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If you're off the fixed rate, what will you be porting? (You port a rate, not a mortgage)0
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Well I can fix now I presume as I only have 2 months left and then I presume I port that ?.
I am just confused as what is best to do so I don't incur any huge fees0 -
Easier to fix once you've bought, surely?0
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Just ask the mortgage advisor at the meeting0
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You can port with nationwide at the svr that is attached to your current mortgage. In my case this is cheaper than nationwide's current svr or cheapest fixed rate so would work out cheaper.
The mortgage adviser will go over this in your appointment.YNWA
Target: Mortgage free by 58.0 -
If I fix when I have got the property I will have had a month on the standard rate though so will pay another £80 more for that one month. I will check with Advisor but because they work for Nationwide I presume they will try push for some fees.
Also for the sale to go through wouldn't I need to have the Mortgage in place before I move so when I move my mortgage is linked to that property not the old one. So surely Porting sounds a good option.0 -
dexterwolf wrote: »
Also for the sale to go through wouldn't I need to have the Mortgage in place before I move so when I move my mortgage is linked to that property not the old one. So surely Porting sounds a good option.
You'll have to get agreement on the mortgage before the sale anyway - as I said, you port a rate, not a mortgage. Just because you have a mortgage on the current property doesn't necessarily mean that they will give you a mortgage on the new place.0
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