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Porting a H2B
leeo123
Posts: 5 Forumite
I am looking at downsizing next year. The mortgage rate is due to finish November and is a help to buy mortgage. Can I port this mortgage and when can I do that? It is with Santander.
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Comments
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Think of the HTB as a separate mortgage. When you sell the proceeds go to redeeming both. Porting your mortgage means you can take your current deal on your mortgage to your new property, subject to the lender’s agreement. The HTB is repaid, so you would only be eligible if you met criteria. As you are downsizing I’m thinking you will only want your main ported mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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Yes just the mortgage ported. I was wondering how close to the end of the mortgage can I port it and will I need to change to a new rate?0
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Porting refers to keeping the fixed rate you have until the end of the fixed rate.After that you would go onto the current rates. Also, it is just the balance you currently have that you can port any higher borrowing will be at current rate.Porting a rate still requires full underwriting and checks to be carried out by the lender.1
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