Porting a Nationwide Mortgage question?

Wishywashy74

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.

jen_fpb

Not an expert but I think you'll pay the ERC on the £29,500 

kingstreet

Yep. ERC payable on part being redeemed.

Wishywashy74

So we could either take the ERC if we only needed £100k or we use the full mortgage amount left and reduce our deposit?

kingstreet

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?

Yes. Provided you meet affordability and status requirements.

Wishywashy74

kingstreet said:

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?

Yes. Provided you meet affordability and status requirements.

Ah that will be fine, we'll have no qualms with that side of things.