Mortgage porting

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Bubblesandflowers

I have. When I took my mortgage out it was made clear to me that I needed to meet the criteria at the time I wanted to move. It turns out I didn't at first because I became a contractor. I had to port a like for like balance for them to consider me and had to find an extra £40k annoyingly. But I understand and that was a risk at the time. I also needed to have a mortgage adviser at my bank go through the application with me.
 
S

summersuzy

Bubblesandflowers said:
I have. When I took my mortgage out it was made clear to me that I needed to meet the criteria at the time I wanted to move. It turns out I didn't at first because I became a contractor. I had to port a like for like balance for them to consider me and had to find an extra £40k annoyingly. But I understand and that was a risk at the time. I also needed to have a mortgage adviser at my bank go through the application with me.
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Thank you I’m wanting a smaller mortgage but just to port until fixed rate is up. I ended up very confused from the lady on the phone when she said it was a new application and new affordability so I was thinking how is it porting then 😂
 
B

Bubblesandflowers

summersuzy said:
Thank you I’m wanting a smaller mortgage but just to port until fixed rate is up. I ended up very confused from the lady on the phone when she said it was a new application and new affordability so I was thinking how is it porting then 😂
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Yeah it is exactly that. You need to reapply essentially. The mortgage is on your current home. You are just looking to take the product to the new home to avoid those early payment fees you have. So that's why I had to do a brand new application as it's a new home. But instead of picking a new product, I took the current one with me. If that makes sense? lol
 
S

summersuzy

Bubblesandflowers said:
Yeah it is exactly that. You need to reapply essentially. The mortgage is on your current home. You are just looking to take the product to the new home to avoid those early payment fees you have. So that's why I had to do a brand new application as it's a new home. But instead of picking a new product, I took the current one with me. If that makes sense? lol
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Yeah that does make sense thank you. She was calculating we could borrow less than we currently have and have been paying so I was totally confused how that works in a mortgage port. Essentially I want a smaller house price but wouldn’t reap the rewards of that until mortgage renewal time.
 
J

jhonsonrob

Yeah, Its quite simple. I was not familiar with mortgage principal. I consult with with truthinequity and they guide me about it. I shifted to a new house which has low mortgage rate. I just pay some fee to the mortgage agency and shifted to new house.
 
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