Porting cost for HSBC mortgage

davilown

Basic gist is we're selling and buying - we could buy cash but would need to pay £3,250 ERC with 23 months remaining on the fixed term.  I'm struggling to get through to HSBC (4 times of 50mins + each time waiting this week) and just wondered if anyone knew what the approximate cost of porting a mortgage is (£200k remaining, with house value at £425k)?

Although now I think about it, if we bought cash, the ERC would be £3,250 but we'd pay £5,600 in interest over that period so would actually be better off paying the mortgage early and saving the £1000p/m mortgage payment, and the loan/cc payment of £600p/m instead?

The house needs modernising but it's all just paint/flooring/new bathrooms/kitchen and 2 walls taking so probably not an over expensive job?

Many thanks

Thrugelmir

All the normal costs apply. Mortgage exit fee which you would incur in any event,  plus valuation fee for new property. Then there's the additional costs that the solicitor will incur for dealing with the lender. 

davilown

Thrugelmir said:

All the normal costs apply. Mortgage exit fee which you would incur in any event,  plus valuation fee for new property. Then there's the additional costs that the solicitor will incur for dealing with the lender. 

If we ported the mortgage would there be a cost as well?  Thanks

Thrugelmir

Not for the mortgage (loan) itself.