Porting mortgage

chelseablue

Looking to split up with my partner (not married) and buy a house on my own.

Current mortgage is portable, does that still apply if it’s not both of us porting it just one?

I’ll be borrowing a bit less and understand I’ll need to pay an ERC on the part I’m not porting

YHM

Depends on lender. Some will allow you to split the mortgage down the middle, some will allow you to take on the full mortgage yourself, if your partner waives his interests.

Lemonsqueezer78

A material change in circumstances (such as 2 becoming 1) and a totally different property, would almost certainly require a brand new application.

kingstreet

Lemonsqueezer78 wrote: »

A material change in circumstances (such as 2 becoming 1) and a totally different property, would almost certainly require a brand new application.

Porting requires a brand new application, as there is a change of property involved.

Lemonsqueezer78

Yep, sorry - "new application, new product" - is what I meant to say. Do you think there are lenders out there that would agree to manage a joint mortgage going down to a single applicant who is moving elsewhere as a port?

I can understand the scenario where the lender may agree to allow the remaining party to take on the current mortgage alone if affordability was ok - but would they really also allow one of the pair to go off and take that product/rate with them to a new property also? I'm sceptical anyone would agree to manage as a port scenario to be honest.

chelseablue

Thank you all would it be best to wait until the fixed rate is up before selling?

kingstreet

Lemonsqueezer78 wrote: »

Yep, sorry - "new application, new product" - is what I meant to say. Do you think there are lenders out there that would agree to manage a joint mortgage going down to a single applicant who is moving elsewhere as a port?

Yes. As YHM said. I've done several.

Last one Santander required a letter from the "leaver" to confirm the "remainer" could keep the rate for their new mortgage.

chelseablue

Thank you for all your help yesterday, I have this morning spoken to the lender (Nationwide)

They have confirmed that you can port a mortgage in just one of the persons thats named on it.

The sale of current house and purchase of new house would need to complete on the same day.

And subject to me being able to borrow the required amount and passing the credit check. Oh and paying the ERC on the difference if borrowing less