Transferring (Porting) Nationwide Mtg

jayxbee

Does any one have any experience of moving house and porting their NW mortgage?

We are trying to move and have a 10 yr fixed rate (about 8 yrs left). NW have agreed to port the mortgage and agreed to the additional borrowing at their current fixed rates. Fair enough ...

However, we might need to complete on our sale, before we complete on our purchase. Meaning no home to secure the mortgage against for about 3/4 weeks.

NW have told me on the phone that I can: -
a) repay the existing mortgage when I sell my house. I would need to pay the early redemption fees.
b) then, within 6 months, complete on my new house and "redraw" my current mortgage and the additional borrowing. The current loan would be redrawn on the same terms as it is now AND they would refund the early redemption fees I paid when I redeemed.

Sounds too good to be true - but I can't get it confirmed in writing. anyone else been in a similar situation????

17Dave

This is correct - though I have not arranged this for anyone with the Nationwide I have done it with other lenders. They should put it in writing if you request it.

Ensure that the early redemption fee is repaid - keep a close eye on the balances and charges.

Geoff13_2

Agree entirely with 17Dave - I had exactly the same conversation with Woolwich today and they do the same thing - full refund of the Early Redemtpion Fee if a new mortgage is taken out with them within 6 months

denise38

We did exactly this last year. We sold our house 1 year into a deal and bought a plot of land. We were borrowing more money and as we didn't need money straight away as were using profits we started our new mortgage with them 4 months later. We paid the early repayment charge when we sold the house then almost as soon as we had made our first payment on new mortgage we had repayment charge back. We will have 2 products eventually 1 with what was left on old deal at that rate and another with additional amount on new fixed rate.
It was absolutely no bother at all and we had no hiccups or delays. You should fill in forms for additional mortgage and they will give you an offer with the 2 different deals on it like i did.

jayxbee

Many thanks all. That makes me feel a bit more confident.

We already have the offer with the old and the new product illustrated but had also assumed we would complete on sale and purchase on the same day.

JB