Capital / Interest Rate on Ported mortgage

Dick_here

You take out say a 100k mortgage at 5%, 5 year fixed. You get a repayment mortgage that is portable. After 3 years you owe say 95k capital (ignore the actual figures, it's the principle here).

You move house, after 3 years, and port the existing to a 130k mortgage. The mortgage rate has gone up to 6%.

Do you get then get 100k of that at the 5%, or only 95k of it ? Or none of it at all ? And why, please !

Trying_to_be_good

When I did this I ported the actual mortgage as it stood, i.e. the 95k, and topped up to £130k with a new product (or SVR mortgage). When I eventually remortgaged it all became one account again.

lynnexxxo

When we ported our NR mortgage still had the same rate but for the whole amount of the new mortgage.

That doesn't even make sense to me ... original mortgage 60 K @ 5.75%
New mortgage 117K @ 5.75%.

Trying_to_be_good

lynnexxxo wrote: »

When we ported our NR mortgage still had the same rate but for the whole amount of the new mortgage.

That doesn't even make sense to me ... original mortgage 60 K @ 5.75%
New mortgage 117K @ 5.75%.

shhhh! Count yourself lucky and don't tell anyone!

Dick_here

Trying_to_be_good wrote: »

When I did this I ported the actual mortgage as it stood, i.e. the 95k, and topped up to £130k with a new product (or SVR mortgage). When I eventually remortgaged it all became one account again.

Yes, that's what happened to me. But is that right/fair ? I had two years left at 100k, so why when I ported was only 95k given at that level ? It feels like you're penalised for porting a repayment mortgage...