Porting Mortgage Fixed Term

andrew.robinson4

Hello,

I'm currently trying to move house and have the problem of still being in my fixed term (which ends 01 Feb 2019). I looked into the Early Repayment Charge which is too high (£4000+) so I think my best option is to port my mortgage and remain with my current lender (Clydesdale Bank). My main problem with this is the amount of money which Clydesdale can give me, so the sale will be a bit tight financially.

Porting has been described to me as using the sale of my flat to settle my current mortgage and taking out a new product with the same lender on the same day to avoid any ERC's, is this correct? Do I need to take out a new fixed term deal?

I'm wondering if there is a way to port my mortgage so that my fixed term will still end 01 Feb 2019 so that I can remortgage with a new lender who can lend me more (& at a better rate)? I can cover the difference with help from family in the short term.

Any help would be appreciated, thanks! :beer:

rentalcars1211

Before you commit to selling your property and buying a new one, you should do your checks to see if you are likely to qualify to port your existing deal or get a new mortgage.

If your checks prove you'll be able to port your mortgage, you'll need to start the ball rolling in terms of selling your current property, as otherwise prospective sellers won't take you seriously.

Until you are able to provide the new property address and details, you won't get a definite mortgage offer so be very wary of contractually committing to anything before then.