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Porting my mortage etc...

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  • Porting my mortage etc...

    Hi,

    We really want to move to a larger house as we are starting a family. We currently own a 2 bed house worth approx 155k. We have a remaining mortgage of 138k. We don't have any savings for a deposit so would rely fully on the equity in the property. We are aware that most mortgages these days require a 10% deposit, and so we have been looking into the newbuy scheme which I am fairly sure we are eligible for.

    My main question is this: We currently have a fixed term deal with santander that runs out in May 2013. There are high repayment charges if we leave this deal early. I am aware that you can 'port' your mortgage if you move house. What I am unsure about is what you do with the additional mortgage amount. In our case the new house we're looking at is 195k so an extra 40k to mortgage. Do you pay a deposit on the 40k on the new mortgage deal e.g. 4k? Or how does the deposit side of this work? Not completely sure how it works. My other question is if you do this 'porting' can you also do newbuy? Any advice gratefully received. Many Thanks

  • #2
    Re: Porting my mortage etc...

    If you can get a 90% mortgage - which is by no means certain - then they will lend a total of £175,500 on £195,000, £138,000 at your present "ported" rate and the extra £39,500 at whatever rate you can now get form the lender.

    If Santander won't now do 90% or won't lend you £175,500 on your income then this doesn't work.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Porting my mortage etc...

      If you can get a 90% mortgage - which is by no means certain - then they will lend a total of £175,500 on £195,000, £138,000 at your present "ported" rate and the extra £39,500 at whatever rate you can now get from the lender.

      If Santander won't now do 90% or won't lend you £175,500 on your income then this doesn't work.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

      Comment


      • #4
        Re: Porting my mortage etc...

        I believe that Santander have an intention to lend on the Newbuy scheme, but not until later in the year, so at present the Newbuy scheme would not be available to you to port your existing mortgage.

        Have a chat with them to make sure but I don't think they will be able to help you just yet.
        ____________________________________________
        Property for sale in Torquay

        www.thomasdobner.co.uk

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