Remortgaging after using porting feature

jhinks37

Hi everyone, hoping for some advice. I want to avoid paying Early Repayment charge and port current mortgage, taking an additional product to cover the balance to move to a bigger house. 
Nationwide has said you then have 2 sperate mortgage accounts and cant combine them.
We just wondered, if we remortgage to another lender, do they take that as one mortgage and is that transfer easy? We are worried about making things complicated for ourselves in the future and if it would be easier to just pay the ERC.

People's experiences with this would be massively helpful

Hopingforthesimplelife

When we moved 4 years ago to current property our mortgage at the time was ported across and our additional lending (we upsized) was created as an additional (smaller) mortgage. They were on two different rates but we took the second one out to have the same length of term for ease. 

I am not quite sure what you mean by future issues, but we have recently (in the last month) remortgaged without issue at all.

sorry to edit: ours was an internal product transfer still with HSBC. I don’t believe you can have part of a mortgage with one lender and another part with a different lender.

jhinks37

Thanks for this my question is really about moving / remortgaging when you have two seperate mortgage products. Does your new lender take over both and consolidate them to one mortgage? Nationwide said we wouldnt be able to consolidate them if we stayed with them.

penners324

Try to get the additional mortgage deal to end close to when the original product ends and then remortgage or switch with current provider

Keano24

I have a ported mortgage with two parts, one ending 4 months after the other. The only way to combine then is let the first part end its fixed period and take the hit moving to SVR for 4 months and then combine them by getting a new product then. 

With a new product with the same lender, this appears simple. I'd imagine it would be straightforward enough if moving to another lender although you might have to pay the mortgage exit fee (not ERC) for both parts, which in my case is £199 for each part of mortgage.

nakiwala123

We are currently porting and borrowing extra. Our current fix ends on 31st December so we decided to have the extra borrowed on the SVR since a very short time was left on the fix. the extra borrowing is a much smaller amount

We plan to switch both mortgages with the current lender in Jan 2021. We shall still have two mortgages but they will be on the same timeline.

We could remortgage to another bank but looking at rates elsewhere, it would make a very small difference that we would rather just stay. Also after the stressful process of moving, we don't fancy the extra checks we have just done now so a switch is easier. 

Thrugelmir

Having two sub accounts shouldn't be an issue . Incurring an ERC for no reason seems pointless. 

jhinks37

Interesting that noone seems to have experience of moving to a new lender after having ported so still a bit of an unknown?

Just so everyone knows, the reason I was looking at paying ERC was the rates at other banks for my LTV looked much better.

Thanks

Thrugelmir

jhinks37 said:

Interesting that noone seems to have experience of moving to a new lender after having ported so still a bit of an unknown?

The existing loan accounts are discharged and replaced by one new one. Standard procedure when remortgaging.  The port is irrelevant to the new lender.  

jhinks37

Thrugelmir said:

jhinks37 said:

Interesting that noone seems to have experience of moving to a new lender after having ported so still a bit of an unknown?

The existing loan accounts are discharged and replaced by one new one. Standard procedure when remortgaging.  The port is irrelevant to the new lender.  

This is super useful just to hear, thanks

getmore4less

An issue arises if the sub accounts(alone or combined) are large enough to be better of with the fee based products.

You can end up with 2 fees  or not being able to get the best rate.
Some lender may still charge 2 fees if you align  the dates and product switch at the same time.