Wanting to move - Lock in rate now?

MarkymarkUK

I’ve been on a SVR for a while now as my deal ended as I want to move house as soon as I find somewhere suitable. 

I realise that I’ll be faced with higher rates when I come to apply for a mortgage in a few months. I have the option of fixing a rate with my current lender and then porting the mortgage onto a new property. I’ll be looking at borrowing quite a bit more, my salary fits. 

Is this a good idea? Lender is santander. 

K_S

@markymarkuk It is worth considering if you're confident that Santander will lend what you need when you need to move. With Santander an important thing to keep in mind is that additional borrowing as part of porting applications don’t qualify for the 5 year fixed rate or the higher amount that Santander may consider lending on a 5 year fix vs a 2yr fix.

The above is the case for intermediary porting apps, it might well be more generous direct.

MarkymarkUK said:

I’ve been on a SVR for a while now as my deal ended as I want to move house as soon as I find somewhere suitable. 

I realise that I’ll be faced with higher rates when I come to apply for a mortgage in a few months. I have the option of fixing a rate with my current lender and then porting the mortgage onto a new property. I’ll be looking at borrowing quite a bit more, my salary fits. 

Is this a good idea? Lender is santander. 

Annisele

You'll also have to be confident that your new property will be acceptable to Santander. If you're wanting to move somewhere, well, 'ordinary' (for want of a better word), you'll probably be OK with that. But if you want to move to a flat with cladding issues, or a short lease, or above a takeaway, or to a house with an agricultural tie or something, Santander might refuse to allow the port.