Porting mortgage

specious

I'm looking at mortgaging my existing home with Nationwide to buy a second home. The intention is to eventually (post-retirement) move to the second home permanently. I'm considering how long a fixed-rate to take, given an unknown timescale.

Could I port a Nationwide mortgage to another home I own outright?

LTV would be quite a bit higher on second home. It's currently valued at £90k. Mortgage likely to start at £85k. I could possibly overpay and second home needs a bit of work, so could by then have new kitchen / bathroom / additional ensuite all paid for outright. Would possibly still be 75% or so compared with 35% on current house.

specious

So any takers?

Could I port a mortgage to a house I own outright?

Thrugelmir

Porting to an existing owned property is possible. Though only the NW can tell you if they will consider your application.

specious

Thanks - the intention was to pay it off, but the ERC on a 10 year fix is 7% in the early years which seems a bit steep. Retirement is open-ended, I'm likely to hang on to see if I get an offer to retire without a reduction in my pension.