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Mortgage porting
NI_Sense
Posts: 63 Forumite
Hi.
Selling my house and buying another at the same time. The house I'm buying is cheaper. My current fixed rate mortgage is portable but the deal ends 30th June 21. Question is, if I complete on the house sale and purchase a few days (not weeks) before 30th June, can I still port my existing mortgage, before going on the new mortgage rate for the new house? Not sure if there is a time limit on porting when close to a deal ending.
Help is appreciated.
Selling my house and buying another at the same time. The house I'm buying is cheaper. My current fixed rate mortgage is portable but the deal ends 30th June 21. Question is, if I complete on the house sale and purchase a few days (not weeks) before 30th June, can I still port my existing mortgage, before going on the new mortgage rate for the new house? Not sure if there is a time limit on porting when close to a deal ending.
Help is appreciated.
0
Comments
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Are you intending to port the entire mortgage?
There's no time restriction on porting the existing product. You could as far as selecting a new product even.
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I had a mortgage that was portable and it did have a time limit of 6 months. i.e. once the mortgage was redeemed, I had 6 months to port it across to another property otherwise it was lost. This was a tracker but the fixed rate product from the same bank had the same conditions.1
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Yes, I intend to port the entire mortgage.Thrugelmir said:Are you intending to port the entire mortgage?
There's no time restriction on porting the existing product. You could as far as selecting a new product even.0 -
Many lenders will allow you a new product instead when your existing product is so close to expiry.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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