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Mortgage porting question
KinSt77
Posts: 16 Forumite
Hi, current situation is we have a cash buyer paying £270K for our house, we are buying a house £230K, we have 2 mortgages (using round numbers, for ease) one £3K and one £22K both fixed rate for 5 years. We are going to use the cash sale to pay £205K and port over the mortgages. Speaking to our mortgage company after sending many documents, we now have a 2.5 hour telephone appt to arrange doing this, at the end of the convo to arrange this meeting, advisor said "we can work out what your new payment will be", my question is why would it change if we are not borrowing more or extending term why would it change? Thanks in advance for any advice.
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Comments
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Did they say it would actually change? Or is that maybe just part of their script (given that most people end up borrowing a different amount and/or changing the term etc)?1
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Are you certain you they are porting the mortgage and not combining onto a new product? Could mean less monthly payments due to less interest or it could mean an ERC. Ask the lender i suppose!1
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Asking the question at the time would have been more appropriate.0
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Third iteration of thread.
Continue here https://forums.moneysavingexpert.com/discussion/6357322/mortgage-porting-question-thanks#latestI 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.1 -
Hi, thanks for the advice. Posted 3 times as unsure which would get best response.0
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