Porting Mortgage to a Higher value house

andy23

Hi All.

Myself and my partner have two properties, and are looking to sell them both and buy a property together.

Within the last year, we have both re mortgaged our flats for better rates, and have both got no ERC on them.

Am i correct that i would only being able to port one of the mortgages?

They are the same rates, but one is for 2 years and the other is for 5 years.

We will be buying a property that is more expensive than either of our mortgages, so would require to borrow more.

How would the additional 'top up' to the mortgage work? would it be to the same rate, or would it be a second mortgage to run side by side with one of our current ones? Assume would be with the same company?

Trying to get my head round this. Has anyone got any experience of this?


im assuming that as they both have no ERC, we could even pay of both and get a completely new mortgage?

davidmcn

andy23 wrote: »

They are the same rates, but one is for 2 years and the other is for 5 years.

And both with the same lender? You certainly won't be able to run two "normal" mortgages in parallel with different lenders over the same property.

If there's no ERC involved, why bother porting?

LRmortgage

As above, porting will still see you go through the full “application” process again anyway. So if no ERC’s on either I would shop around and see what other lenders can offer you and not worry about porting, especially if there are better rates in the market available.

amnblog

You are not porting the ‘mortgages’, you are porting the products deals.

You will take a single mortgage on the new property and can port the product from one of your current properties to use with that mortgage, topping up with another product.

If you prefer you can take a new product with a new lender.

You cannot port two products for mortgages across two separate properties onto a single mortgage for your new property.