Porting Mortgage Question

SusieWoozy_2

Hiya

I've just has my mortgage offer issued. I'm porting my current mortgage of 117k and borrowing an additional 30k

The 117k is still within a 2yr fixed term period which ends in January 2018

The additional 30k will be on a new fixed term 2yr deal from when we complete on the purchase.

In January am I able to 're fix a deal on 117k or do I have to go onto the standard variable rate until the other part of the mortgage catches up?

Either way it's not really an issue I'm just curious.

Answers on a postcard please

Thrugelmir

You'll have 2 individual sub accounts against the mortgage. These will remain independent of each other until you take some form of action to change the position.

alex_163163

Yes you should be able to 're-fix' the £117k. As above says these are independent products.

Just a suggestion you may not have looked at - had you thought about taking out a non-fixed product for the extra you are borrowing, then remortgage the whole lot together in January 2018 when you original mortgage ends its fixed period? Or would that not work for you?

It is just a suggestion as it is what I am currently looking at doing.
Porting my current mortgage, 2.39% fixed until Sept 2017, for £50k.
Need an extra mortgage for £135k on new property, so have taken out a 1.69% tracker (on top of base rate), with no ERC. Then in Sept 2017 when fixed rate ends we plan on remortgaging the whole amount together into 1 product.
So I know we have slight uncertainty for 6 months that our £135k mortgage repayments could slightly fluctuate, but for that time period we can afford it.

Otherwise you it seems you will forever be having 2 fixed products that are out of sync with each other in terms of re-fixing dates?

(By the way, just a suggestion, not a criticism of the way you are doing it if it works best for you!)