General Advice + Looking for experiences Porting with Nationwide

jhinks37

Hi all,

Myself and My family are in a 2 bed property with around 15% equity and our mortgage deal is up for renewal.

We want to move house in 2 years.

With rates still very low the mortgage advisor at Nationwide recommended 5 yr fix with the Porting feature to use when moving.

Has anyone used this and then added loan on top? Was it strange having 2 products and loans? How did it work with different end dates on the fixed rates?

P.s. we are happy that we would be able to borrow more money and don't see any issues staying with Nationwide it's just the actual process we are worried about.

Thanks in advance!

liviboy

There are no guarantees when it comes to your move in a couple of years that:

a) Nationwide will lend you the amount needed.
b) Nationwide will have the best rates available for your circumstances.

I was in your position a few years ago and opted to move onto a tracker with Nationwide as it had no early repayment fee just in case.

kingstreet

Yep. Penalty-free tracker will give you lower costs and greater flexibility just in case Nationwide won't lend next time!

aries_163

I had a portable mortgage on my first property with nationwide.
I decided to sell with about 5 months still left on my 3 year fix.
I ported that rate to the new property and took out the extra borrowing needed on a penalty free tracker.
At the end of the ported 3 year fix, I then remortgaged both products onto the same fixed rate and term so they now end at the same time.

jhinks37

Hi all thanks for the responses. As a note we have a mortgage roughly half the size of the amount they would have lent us (2017). And they seem to be usually close to best rates on market (of the big banks). So hope that wouldn't be huge issue.

Anyone else have experience of doing the Porting?

somethingcorporate

Yes. We have ported twice so now have 3 nationwide accounts. One main, original ones and two top ups as we moved. They have different amounts, rates and termination dates and are all managed seperately.


The top ups are treated as new applications initially as they will need to survey the new property to check LTV etc.



We're about to leave nationwide as they are no longer competitive on longer term fixes.