Fixed rate mortgage

first78

I've got a 2 year fixed rate mortgage with £62k left to pay. Is it possible to move to a more expensive property whilst on a fixed rate mortgage?

glentoran99

depends entirely on your lender

jojo9239

We have to pay a charge of £1,800 to leave natwest early as porting would have cost too much

david1951

It's possible, but will probably cost a lot due to early repayment charges. Give your lender a call and ask them

first78

jojo9239 wrote: »

We have to pay a charge of £1,800 to leave natwest early as porting would have cost too much

But can you stay with the same provider and just increase the amount you're borrowing?

glentoran99

jojo9239 wrote: »

We have to pay a charge of £1,800 to leave natwest early as porting would have cost too much

Why would porting cost?

glentoran99

first78 wrote: »

But can you stay with the same provider and just increase the amount you're borrowing?

Yes you can, again depending on your lender

Yorkie1

If you move house you have 2 options:
1. redeem your current mortgage during its fix, pay any early repayment charge, and take a brand new mortgage on the new property
2. assuming your current mortgage is portable, apply to port your mortgage rate across to the new property and have a sub-account on your mortgage for the increased borrowing at a different rate (and probably a different expiry date for any fix). You'll be fully credit checked for what is actually a complete new mortgage on the new property; if you pass then you'll be allowed to port the current rate across for the outstanding amount.

ThePants999

We moved home recently, and if we'd wanted to, would have been able to port our existing mortgage plus add a second one (with same lender) for the additional borrowing we needed to upsize. (As it happened, it turned out to be worth paying the ERC to change product anyway.)