Mortgages - porting??!!

[ERIN84]

Does anyone know ANYTHING about "porting" a mortgage and how it works? I'm going to phone my mortgage provider to discuss it, but has anyone here done it?? X

 

[Cherrycola]

Yeah I did this a few years ago. My mortgage was with Nationwide and I think I was even able to reduce the ammount it was for and increase the length of the mortgage when I moved it to my new property. Was even able to change it from a joint mortgage to being only in my name (had just split up with my ex) Can't really remember how it all worked, I had a mortgage advisor who did all the paperwork and stuff but as far as I can remember it was really straight forward. Sorry not sure if that has been any help to you!

 

[ERIN84]

Yeah I did this a few years ago. My mortgage was with Nationwide and I think I was even able to reduce the ammount it was for and increase the length of the mortgage when I moved it to my new property. Was even able to change it from a joint mortgage to being only in my name (had just split up with my ex) Can't really remember how it all worked, I had a mortgage advisor who did all the paperwork and stuff but as far as I can remember it was really straight forward. Sorry not sure if that has been any help to you!

No, that's great. Thanks!

How did it work regards to fees ? Was it expensive? X

 

[tinkerbell86]

I did it too last year!no fees attached to doing it the only fees I had was for the extra bit I borrowed!I'm with the nationwide too!

 

[Cherrycola]

Don't think it cost me anything either. I think it was written into the terms and conditions that the mortgage could be ported.

 

[KatieB]

Hi me and my OH bought this house together last year, we both had our own houses both with Nationwide mortgages, we ported his to this property and mine was paid off and equity released. The mortgage doesn't belong to property it belongs to you, if that makes sense. It just means you take your mortgage with you to another house. We didn't have to pay any arrangement fees or anything like that, the lady at our local Nationwide did everything for us. Hope that helps! X