We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
A New Seller... with a twist!
Comments
-
I know i probably sound like an idiot but...
Does that mean having two mortgages (I.E; One for a new home aswell as a 'ported' one) Or does it mean using the same lender to buy a new house and essentially 'renewing' the mortgage for a bigger home?0 -
It basically mean you will have one mortgage with the same lender but on two different rates ie:- if your current home mortgage is 40k on 4.95% for 3 and a half more years you will keep that and get a top up for the rest you need to buy a new place, ie:- 50k at 6.59%. They then add these figures together for both parts to calculate one mortgage payment each month. Its a good deal really as if you have a cheap fixed/discount rate then you don't have to remortgage the whole amount onto a higher rate in today climate. Hope this helps. I only know as I am porting my mortgage deal too (10 years at 5.28%) onto a new house (when I get a sale!!).0
-
Eek!
Currently my mortgage is £416pm, 16 months into a £56000, 3years fixed @ 7.59% (RTB broker, poor credit history, taken to the cleaners through FTB naivity)
So through a 'port' i could be looking at a £800pcm mortgage!!
EDIT: So just to be clear... the house sells at market value, but if i keep a 56000 mortgage with the same company on a new house, where does the money from the sold house go?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards