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    • JoJoBean
    • By JoJoBean 15th May 18, 11:23 PM
    • 7Posts
    • 3Thanks
    Porting a mortgage with a Lifetime ISA?
    • #1
    • 15th May 18, 11:23 PM
    Porting a mortgage with a Lifetime ISA? 15th May 18 at 11:23 PM
    First post so thanks in advance for your help.

    My partner and I are looking to buy together and I'm currently researching the best way to approach things. I have a lifetime isa (as a first time buyer), and he owns the home we live in now. He remortgaged approx 6 months ago to a much better rate. The mortgage he has is portable and we would obviously like to avoid paying early repayment fees if possible when we buy a place together and take out a mortgage together. We would be looking to borrow more than what he currently owes on the current house. So my questions are...

    -Is it possible to add another person (i.e. me!) to the mortgage if he can port the mortgage to the new property?
    -If so, could I use my lifetime isa funds as a deposit as part of this process?
    -Lastly, would my partner also be able to use some of his savings to pay down as a deposit as part of this process (reducing the amount we would need to borrow in the mortgage?)

    I read somewhere that the porting application process is similar to that when applying for a new mortgage, which made me think this might be a possible option, and that by doing this we could possibly use the lifetime ISA (& bonus) whilst avoiding any early repayment charges.

    Any advice or info you might have is appreciated

Page 1
    • aries_163
    • By aries_163 16th May 18, 7:50 AM
    • 42 Posts
    • 21 Thanks
    • #2
    • 16th May 18, 7:50 AM
    • #2
    • 16th May 18, 7:50 AM
    So your situation is pretty much exactly the same as mine and my partners when we bought last year, apart from he had a HTB iSA, rather than a Lisa.
    And yes, everything you want to do we did.

    And porting a mortgage works slightly differently to how you are thinking about it.
    Yes you can potentially port the rate of the existing product, but you will both be making a brand new mortgage application. You port the rate of the existing product, for the amount currently outstanding on your partners mortgage. You will then take out an additional sub product with the same lender for the remainder.
    For example I had 47k outstanding on my previous property. I ported that rate to the new property, and took out a different product for the remaining 137k we needed for our new, bigger house. This was on a different rate than the ported mortgage amount.
    • JoJoBean
    • By JoJoBean 16th May 18, 10:46 PM
    • 7 Posts
    • 3 Thanks
    • #3
    • 16th May 18, 10:46 PM
    • #3
    • 16th May 18, 10:46 PM
    That's really helpful, thank you!
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