Porting Sole Mortgage and Joint Mortgage Application

Baz2476

Hi


I have a 5 year fixed rate mortgage that still has 18 months to run but am looking to move. Is it possible to port my existing mortgage (in my name only) and apply for a joint mortgage with my wife for the additional amount that we will need to borrow? The mortgage I currently have is portable but unsure how this works going from a sole mortgage to a joint mortgage.


Thanks in advance.

kingstreet

The mortgage will end when it is repaid from the sale proceeds.

You will normally be able to port the terms from the old mortgage to a new joint mortgage and take any increased borrowing on one of the lender's new products.

aries_163

Can’t speak for all lenders, but it was certainly possible for me and partner with nationwide.
Except the rate you port will also be in joint names, not just yours. You are porting the rate and terms of the mortgage, not the actual mortgage.

mdori003

aries_163 wrote: »

Can’t speak for all lenders, but it was certainly possible for me and partner with nationwide.
Except the rate you port will also be in joint names, not just yours. You are porting the rate and terms of the mortgage, not the actual mortgage.

This was also our experience with Bank of Ireland, and the process was easy. I had the original mortgage but when it was ported my wife was added to it and the new mortgage - that was what I wanted (and I presume needed to happen to pass affordability checks) but i'm not sure what the process would be if you wanted to port a sub account in your name only and have another sub account with two named parties to be honest.