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Mortgage porting query
hopeful81
Posts: 14
Forumite
Hi all
Struggling to get my head around whether to port or not to port….
Our house is on the market with around 150k equity. We are fixed with Nationwide for another 4 years and have £175k outstanding on the mortgage. We are looking to purchase a house of £425k with 75k from the equity and using the rest of equity with moving fees, refurbishing and clearing credit card. Can you use some of the equity when porting for such things? Or should I pay the ERC and look for a new deal? How does it work? Thanks in advance
0
Comments
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Technically you can port the existing product on the £175,000 you have and borrow the extra on another current rate.
Whether to do that, or pay the fees and take a new rate on the lot, depends on the figures.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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