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  • FIRST POST
    • worzel_gummage
    • By worzel_gummage 13th Oct 18, 11:03 AM
    • 7Posts
    • 1Thanks
    worzel_gummage
    Mortgage porting and help to buy isa
    • #1
    • 13th Oct 18, 11:03 AM
    Mortgage porting and help to buy isa 13th Oct 18 at 11:03 AM
    Hi,

    I am a first time buyer with a help to buy isa. My partner already owns a property and has a mortgage that is fixed for another 2.5 years. In order to break these terms, we would have to pay 3000.

    We are looking to sell his current property and buy a property together (this will involve a larger mortgage). If he was to port his current mortgage, to avoid paying 3000 to get out, would I still be able to claim the bonus from my help to buy isa?

    Thanks in advance for any help and advice you can offer.
Page 1
    • Smodlet
    • By Smodlet 13th Oct 18, 4:48 PM
    • 4,180 Posts
    • 7,487 Thanks
    Smodlet
    • #2
    • 13th Oct 18, 4:48 PM
    • #2
    • 13th Oct 18, 4:48 PM
    Was "Worzel Gummidge" already taken?
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • JoJoBean
    • By JoJoBean 14th Oct 18, 10:47 PM
    • 7 Posts
    • 3 Thanks
    JoJoBean
    • #3
    • 14th Oct 18, 10:47 PM
    • #3
    • 14th Oct 18, 10:47 PM
    Hello there,

    Yes you can. I was in the same position except I had a lifetime ISA. Ported partner's existing mortgage (Nationwide) and bought a more expensive property together, putting my deposit money (including bonus) down and equity from his previous home towards the new place. Allowed us to avoid paying any early repayment charge on his existing mortgage.

    Your conveyancer will arrange for the isa funds (including bonus) to be brought across from your bank to their account ready for exchange. Just a heads up that they typically charge 50ish for doing this, well mine did anyway!
    • worzel_gummage
    • By worzel_gummage 16th Oct 18, 12:14 PM
    • 7 Posts
    • 1 Thanks
    worzel_gummage
    • #4
    • 16th Oct 18, 12:14 PM
    • #4
    • 16th Oct 18, 12:14 PM
    Thanks you so much for that.
    • worzel_gummage
    • By worzel_gummage 17th Oct 18, 11:58 AM
    • 7 Posts
    • 1 Thanks
    worzel_gummage
    • #5
    • 17th Oct 18, 11:58 AM
    • #5
    • 17th Oct 18, 11:58 AM
    Hello there,

    Yes you can. I was in the same position except I had a lifetime ISA. Ported partner's existing mortgage (Nationwide) and bought a more expensive property together, putting my deposit money (including bonus) down and equity from his previous home towards the new place. Allowed us to avoid paying any early repayment charge on his existing mortgage.

    Your conveyancer will arrange for the isa funds (including bonus) to be brought across from your bank to their account ready for exchange. Just a heads up that they typically charge 50ish for doing this, well mine did anyway!
    Originally posted by JoJoBean
    Don't suppose you have any further information regarding this do you? I am coming across lots of obstacles, such as the solicitor saying we will count as one unit and therefore I lose my first time buyer status.
    • Slithery
    • By Slithery 17th Oct 18, 6:11 PM
    • 907 Posts
    • 1,425 Thanks
    Slithery
    • #6
    • 17th Oct 18, 6:11 PM
    • #6
    • 17th Oct 18, 6:11 PM
    Are you married?
    • worzel_gummage
    • By worzel_gummage 21st Oct 18, 9:07 PM
    • 7 Posts
    • 1 Thanks
    worzel_gummage
    • #7
    • 21st Oct 18, 9:07 PM
    • #7
    • 21st Oct 18, 9:07 PM
    Are you married?
    Originally posted by Slithery
    Nope, not married.
    • Thrugelmir
    • By Thrugelmir 21st Oct 18, 9:52 PM
    • 60,244 Posts
    • 53,586 Thanks
    Thrugelmir
    • #8
    • 21st Oct 18, 9:52 PM
    • #8
    • 21st Oct 18, 9:52 PM
    MSE has it's own guide.

    https://www.moneysavingexpert.com/savings/help-to-buy-ISA/?_ga=2.259325129.2130017170.1539780794-1594397447.1537089009

    You don't actually port the mortgage. Just the terms and conditions attached to the product. The mortgage being the legal charge placed on the property to secure the debt.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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