Term when porting mortgage?

GDVS

I am currently looking at moving my mortgage to the Lloyds 1.66% 10 year fix but we're looking to move later this year. I gather porting includes basically taking out a new mortgage but keeping the old rate but what term would that be? Not much point in getting a 10 year fix at a low rate if I'm going to actually be able to keep it that long.

Is anyone able to clarify how that works?

Thrugelmir

The terms of the existing loan are ported, i.e. term, interest rate and any existing conditions prescribed in the product documentation. The mortgage is simply the legal jargon for the charge placed on the property to secure the monies advanced. The mortgage charge is transferred during the porting process from the old to new property. 

GDVS

Superb, thank you for clarifying.

DontBringBertie

On this topic I’ve wondered what happens if for example:

- you take out a 5 year fix at 2% for £150k on 01 Jan 2022.
- you move to a more expensive house and complete on 30 June 2024. You port the mortgage but need to borrow an extra £50k 

For the additional borrowing I presume it’s possible/it has to end on the same date as the original fix? 

So you would end up with something like:

- 2% mortgage until 01 Jan 2027 for £130k ish.
- 4% mortgage until 01 Jan 2027 for £50k.

Is that correct?

Then you would remortgage combining the two once the fix expires.

getmore4less

DontBringBertie said:

On this topic I’ve wondered what happens if for example:

- you take out a 5 year fix at 2% for £150k on 01 Jan 2022.
- you move to a more expensive house and complete on 30 June 2024. You port the mortgage but need to borrow an extra £50k 

For the additional borrowing I presume it’s possible/it has to end on the same date as the original fix? 

So you would end up with something like:

- 2% mortgage until 01 Jan 2027 for £130k ish.
- 4% mortgage until 01 Jan 2027 for £50k.

Is that correct?

Then you would remortgage combining the two once the fix expires.

nope.
Additional borrowing will be on the terms available at the time and run along side the original.

Can be on different full term as well.

IF staying with the same lender as each expires you move to the follow on rate or a new deal at that time.
many never merge the sub accounts but can sync so you have the same rate, fix period, and possibly only one fee if applicable.

If remortgage to new lender it becomes a single account again.

[Deleted User]

Your overall mortgage term can change when you port. The term of the product will remain thr same. 

For example

Existing mortgage-  10 yr fix on a 15 yr mortgage 

Move house in 2 years and port but want to reduce payments - 8 yr fix left on 30 year mortgage