Lock in extra mortgage borrowing now?

PeggyMay

Hi, we want to move to a bigger (more expensive) house, but I reckon it could take us up to a year to find somewhere suitable, given how rubbish the housing market is right now.

With mortgage interest rates set to rise (possibly by quite a lot) in the near future, might it be worth us re-mortgaging now (ie, borrowing more on our current property) so that we can ‘lock in’ the low rate for five years, and port the mortgage on that nice low rate when we move? 

Or would that be a false economy…? 

dimbo61

What happens if you can't Port the current mortgage to the new bigger home for whatever reason ?
Up the creek without a paddle.
Overpay current mortgage and save save save 

PeggyMay

We would definitely be able to port the mortgage, our provider has confirmed that. 

We have already made the maximum overpayment this year so can’t pay off any extra at the moment, sadly. 

Emmia

PeggyMay said:

We would definitely be able to port the mortgage, our provider has confirmed that. 

We have already made the maximum overpayment this year so can’t pay off any extra at the moment, sadly. 

The property you port to, has to be acceptable to the lender too, it's not just any property that you can port to.. they'd need to assess the value, condition, construction etc.