We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Overpayments before porting mortgage to a new home

Seagulls79
Posts: 4 Newbie
Hi All,
I have a mortgage repayment question which is linked with moving home and getting another mortgage.
At present I am half way through my fixed rate mortgage term and the redemption fee on my product is several thousand pounds.
I am looking to move in future to a larger property and will need a bigger mortgage for this. To get around the redemption fee, my mortgage provider could to “port” my existing mortgage across to the new house and for me to have another mortgage to pay for the additional cost of the property.
I’m keen to make overpayments into my existing product, for the maximum this year and next which could amount to about £16k each year. If I make these overpayments, will it mean that if I move and have my mortgage moved across, the amount on my existing mortgage will be reduced so my second mortgage will be smaller? I don’t want £32k to go in the “black hole” that is my existing mortgage product, which is something I could use for the deposit for the second mortgage on my new property.
I’m a bit confused as the mortgage advisor in branch did not explain it very well. If anyone can advise I’d be grateful
Thanks!
I have a mortgage repayment question which is linked with moving home and getting another mortgage.
At present I am half way through my fixed rate mortgage term and the redemption fee on my product is several thousand pounds.
I am looking to move in future to a larger property and will need a bigger mortgage for this. To get around the redemption fee, my mortgage provider could to “port” my existing mortgage across to the new house and for me to have another mortgage to pay for the additional cost of the property.
I’m keen to make overpayments into my existing product, for the maximum this year and next which could amount to about £16k each year. If I make these overpayments, will it mean that if I move and have my mortgage moved across, the amount on my existing mortgage will be reduced so my second mortgage will be smaller? I don’t want £32k to go in the “black hole” that is my existing mortgage product, which is something I could use for the deposit for the second mortgage on my new property.
I’m a bit confused as the mortgage advisor in branch did not explain it very well. If anyone can advise I’d be grateful
Thanks!
0
Comments
-
The overpayments will reduce the amount of your mortgage.0
-
It will make the new add on mortgage bigger not smaller.
(the money can only make one of them smaller)
You need to consider the rates on he current deal what rates the addon will be.
then if you get a fix for the addon how will you sync them in the future.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards