Mortgage porting

jblakes

Good morning, 

Our fixed mortgage is coming to an end and our mortgage provider is sticking us on a nice 4.5%tracker, so needed to shift iy.

I D thinking about fixing for 10years (who knows what might grasshopper next year). We have 80% LTV an so about stick on what we can get but find a 2.19% no fee for 10 years, seems good to me.

Anyways if we decide to move within that 10year period how does putting work. Do I have to move to a property with 80% ltv with mortgage and further funds? Will they add the extra mortgage should we need it to the mortgage or will you have to take another  one out for the increased lending? I'm guessing the early payment changes don't apply if porting across?.

Any other reason to not that this mortgage out in the current global situation. 

Kind regards
James

SpiderLegs

Maybe proof read before hitting post next time. 

SoxySioux

Hi James, we took out a mortgage 10yrs ago with First Active on the understanding we could move with it.  We are in the process of moving now & the mortgage lender no longer does new mortgages so have put us in touch with their 'Sister Company' however we have to reapply for a new mortgage for the whole amount (make sure this isn't the case with your current lender).  It would have been so much easier if First Active still did mortgages as we could have ported our mortgage over to the new house & got out  2nd mortgage to top up (albeit at possibly a different rate).  Alternatively, if you have a pension or can prove you can pay off the mortgage at end of the term you can have your investment top up at interest only & the majority of your other mortgage as repayment.  Hope that makes sense & kind of answers your concerns going thru our experience.

jblakes

Yeah I should I read the post before I posted it. 

I am wanting to know, we are looking at 10yrs fixed mortgage with 80% ltv. If/when we move do I need to have 20% deposit, as in 80% ltv for the new house to be able to port across, or does it not matter and can port across with any deposit? (obviously will need to have enough to secure mortgage so the extra lending required). 

Kind regards 
Jamea