[Misc] NSC advice needed. Porting a mortgage.

[dwayne]

Hello NSC family.

I'm looking at moving and I have 3.5 years left of my Santander mortgage at 2.2% ... I clearly don't want to give that up!

Is Porting a mortgage straightforward (looks that way)?... I know you are means tested again. But are there any obvious pitfalls? and can mortgage companies be w@nkers about it?

Thanks in advance x

 

[Commander]

Hello NSC family.

I'm looking at moving and I have 3.5 years left of my Santander mortgage at 2.2% ... I clearly don't want to give that up!

Is Porting a mortgage straightforward (looks that way)?... I know you are means tested again. But are there any obvious pitfalls? and can mortgage companies be w@nkers about it?

Thanks in advance x

Looked at doing ours recently for a potential move and it seemed relatively straightforward. They will lend you more at the new rate and port your existing amount across at the current rate. Definitely easier (and cheaper) than getting a new one.

 

[Dinner with Gotsmanov]

Uncle Spielberg may be able to help you with this.

 

[mejonaNO12 aka riskit]

I did it 3 years ago with Nationwide and I remember it being remarkably simple. Just borrowed more and now have two mortgage accounts showing on my banking. The fixed rate elements expire at different points so that was the only part I had to think through. I'll just let the first one expire, move it onto a 2 year tracker (which has no exit fee) until the other one expires, then agree a new deal to cover both.

 

[Weststander]

@dwayne congratulations on that amazing mortgage deal.

 

[dwayne]

@dwayne congratulations on that amazing mortgage deal.

I mean it was done 18 months ago so no need to congratulate !!

 

[Weststander]

I mean it was done 18 months ago so no need to congratulate !!

At that time did you have an inkling that rates weren’t going to stay that low?

 

[dwayne]

At that time did you have an inkling that rates weren’t going to stay that low?

Yes .... Although this was for a new place and my other mortgage was just about to expire so I got lucky. I didn't get so lucky in the fact that I don't love where I have moved to but it's held it's value (plus people are buying in the area) and I want to move back into zone one where prices have tanked 15-20% in some areas with no competition to buy.

 

[Weststander]

Yes .... Although this was for a new place and my other mortgage was just about to expire so I got lucky. I didn't get so lucky in the fact that I don't love where I have moved to but it's held it's value and I want to move back into zone one where prices have tanked 15-20% in some areas with no competition to buy.

That’s good. No financial damage done from the move, with the very low interest rate being the equivalent of a modest rent. Good luck in the new home once you move.

 

[Uncle Spielberg]

Happy to help Dwayne

 

[Uncle Spielberg]

Hello NSC family.

I'm looking at moving and I have 3.5 years left of my Santander mortgage at 2.2% ... I clearly don't want to give that up!

Is Porting a mortgage straightforward (looks that way)?... I know you are means tested again. But are there any obvious pitfalls? and can mortgage companies be w@nkers about it?

Thanks in advance x

It is assessed as a new mortgage in reality but on 2.20% for 3.5 years is your best first option depends no new ltv, income as well to see if it fits the rate

 

[dwayne]

Happy to help Dwayne

Thanks Gareth. Per pm looks straightforward. I have you on Facebook from the olden days still so I know who to contact if I run into problems.