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Porting mortgage with Santander
cjmc24
Posts: 15 Forumite
We have a mortgage with Santander which is coming to an end next April. Our house has an estimated value of £825000 and we have a £320000 mortgage so have just over £500000 equity.
Our situation has changed since we took out the mortgage 4 years ago, we did a lot of work to our house so have about £30000 in loan/credit card, and now have a daughter in nursery.
I’m going to call Santander tomorrow to see when we can tie in a rate, hopefully sooner rather than later!
My question is, we’re thinking of moving next year some point, so wondering whether it’s best to tie in a rate with Santander now and port our mortgage. Is the process easy? What do they ask for? Hopefully we can make a chunk in paying off our debt by then, but worried it will go against us. We’re hoping to buy somewhere cheaper so is taking equity out of our house a possibility? Is it like a new mortgage application? What if they say no? So many questions!
Or is it best to do a tracker and apply again next year? Very confused what is best!
Our situation has changed since we took out the mortgage 4 years ago, we did a lot of work to our house so have about £30000 in loan/credit card, and now have a daughter in nursery.
I’m going to call Santander tomorrow to see when we can tie in a rate, hopefully sooner rather than later!
My question is, we’re thinking of moving next year some point, so wondering whether it’s best to tie in a rate with Santander now and port our mortgage. Is the process easy? What do they ask for? Hopefully we can make a chunk in paying off our debt by then, but worried it will go against us. We’re hoping to buy somewhere cheaper so is taking equity out of our house a possibility? Is it like a new mortgage application? What if they say no? So many questions!
Or is it best to do a tracker and apply again next year? Very confused what is best!
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