Top up / second mortgage with different lender

kingstreet

No. Your conclusion is incorrect.

If you port, sale & completion is concurrent so no ERC would be payable.

If you don't port, you will pay the whole fee on the sale and redemption. You will get half back if your purchase completes within three months.

There is nothing more to it. Concurrent sale and purchase without a port still means pay it all and get half back. Just perhaps getting the half back a bit faster!

kingstreet

thehoorays wrote: »

So it seems like the first option is better? Sorry for the probably obvious questions! First time selling for me, and never had any personal loans, etc, so it's all a bit over my head!

Without knowing the difference in the rates for the port & top-up versus the new product for the whole mortgage, there is no way anyone here can establish if it's worth paying all or even half the ERC.

Why not get a decent broker and get this done for you?

thehoorays

thanks, so is porting better? <- sorry, posted at same time as your last post

kingstreet

Please see #13!

thehoorays

Thanks for your help! Yes, I was going to go with the broker I spoke to today, but just wanted to check what he was saying as I'd had conflicting information, then obviously got carried away asking about it all!
I guess as I have to stay with Virgin for everything this could be sorted directly through Virgin. I did have a call with their mortgage adviser scheduled for today, but with all the bad weather up in the North East they had to cancel due to staff not getting in and earliest they can do is next Tuesday. I booked today's appointment a week ago already. I'm now thinking of using a broker as they will probably be able to get it sorted quicker than me! I want to get it sorted quickly, and now it's dragging out over 2 weeks just to speak to one of Virgin's advisers, when I've spoken to them several times and done all preamble and mortgage in principle, etc.....

silvercar

kingstreet wrote: »

Without knowing the difference in the rates for the port & top-up versus the new product for the whole mortgage, there is no way anyone here can establish if it's worth paying all or even half the ERC.

Why not get a decent broker and get this done for you?

Would a broker be interested in a mortgage port with the same lender? As that seems a good option for OP.

kingstreet

Yes. We get paid the procuration fee for the full mortgage, port or otherwise.

thehoorays

The broker I spoke to today said he wouldn't charge me for his services as he would get the commission from Virgin anyway.

sitesafe

Thanks for posting this about porting. I am considering the same (2 years into 5 year fix) and wasn't sure if I'd understood the woman on the phone correctly. I kind of get it now but will need to look at how much my monthly payments will be if I get rid of existing and take out one new whole one. My monthly payments for having two parts, port and additional were quite expensive.