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Porting a Nationwide Mortgage question?
Wishywashy74
Posts: 82 Forumite
Hi, I have 3 years left on a nationwide mortgage and owe £129,500. We are looking at moving home and we are wondering if we can we port the Nationwide deal over onto a new property? If so does it have to be the full amount owed as potentially we would only need £100,000, is that possible or does it need to be porting the full amount over?
Thanks.
Thanks.
0
Comments
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Not an expert but I think you'll pay the ERC on the £29,5001
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Yep. ERC payable on part being redeemed.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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So we could either take the ERC if we only needed £100k or we use the full mortgage amount left and reduce our deposit?0
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Yes. Provided you meet affordability and status requirements.Martylaa said:So we could either take the ERC if we only needed £100k or we use the full mortgage amount left and reduce our deposit?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 -
Ah that will be fine, we'll have no qualms with that side of things.kingstreet said:
Yes. Provided you meet affordability and status requirements.Martylaa said:So we could either take the ERC if we only needed £100k or we use the full mortgage amount left and reduce our deposit?0
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