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Porting a mortgage - Questions
patchyX2
Posts: 129 Forumite
I've currently got a mortgage of ~80k, fixed at 1.49% until mid 2025 with Santander. I'm potentially looking to move later in the year and will likely be taking on a mortgage of approximately double this.
Current mortgage rates are obviously higher than what I've fixed on, so it would be nice to port this mortgage to keep the low rate (for a while!) and avoid paying the ~4k ERC. I've never moved house though so have a couple of questions:
1) Would the 'new' mortgage I get to cover the extra ~80k also have to be with Santander, or could that come from a different provider?
2) I've checked and the mortgage terms allow porting, but are there any awkward hoops you have to jump through in order to qualify, apart from the obvious affordability? I have plenty of equity in the house, and affordability shouldn't be an issue, so I'd hope it would be relatively straightforward, but obviously the lender would make more money from you if they push you onto a higher interest rate, so I wonder if they make this an awkward process with lots of caveats.
Current mortgage rates are obviously higher than what I've fixed on, so it would be nice to port this mortgage to keep the low rate (for a while!) and avoid paying the ~4k ERC. I've never moved house though so have a couple of questions:
1) Would the 'new' mortgage I get to cover the extra ~80k also have to be with Santander, or could that come from a different provider?
2) I've checked and the mortgage terms allow porting, but are there any awkward hoops you have to jump through in order to qualify, apart from the obvious affordability? I have plenty of equity in the house, and affordability shouldn't be an issue, so I'd hope it would be relatively straightforward, but obviously the lender would make more money from you if they push you onto a higher interest rate, so I wonder if they make this an awkward process with lots of caveats.
0
Comments
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Santander only.
Increased borrowing on current rate at that time, so you will pay more on that element. Other than that you and the property you are purchasing have to meet lender criteria.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.1
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