arranging a new deal on a ported mortgage.
Discussion
We ported our mortgage 2 years ago as we are on BR+2% and organised a separate 2 year fixed rate deal on the extra borrowing at 3.54%
That deal is now coming up for expiry in a months time so I'd like to sort it out again. What I don't understand is what kind of situation I'm in with getting a deal on it.
We have around 71% LTV overall and the further advance is just under half the value of the ported mortgage.
When looking at a new deal on the advance, can I use the 71% LTV to find the best rate?
That deal is now coming up for expiry in a months time so I'd like to sort it out again. What I don't understand is what kind of situation I'm in with getting a deal on it.
We have around 71% LTV overall and the further advance is just under half the value of the ported mortgage.
When looking at a new deal on the advance, can I use the 71% LTV to find the best rate?
Chicken Chaser said:
We ported our mortgage 2 years ago as we are on BR+2% and organised a separate 2 year fixed rate deal on the extra borrowing at 3.54%
That deal is now coming up for expiry in a months time so I'd like to sort it out again. What I don't understand is what kind of situation I'm in with getting a deal on it.
We have around 71% LTV overall and the further advance is just under half the value of the ported mortgage.
When looking at a new deal on the advance, can I use the 71% LTV to find the best rate?
I'm not quite sure what you are asking but if you are asking if you can just remortgage the Further Advance balance with a different lender to the original ported balance, then the answer is no. You can only potentially do that with your current lender.That deal is now coming up for expiry in a months time so I'd like to sort it out again. What I don't understand is what kind of situation I'm in with getting a deal on it.
We have around 71% LTV overall and the further advance is just under half the value of the ported mortgage.
When looking at a new deal on the advance, can I use the 71% LTV to find the best rate?
If you want to consider another lenders products, you would need to redeem your mortgage in full.
Chicken Chaser said:
What I'm looking at currently is keeping the ported one and just re arranging the advance. I guess I'll have to contact the lender to find out the rate rather than just visiting their website.
Yep, you can only rearrange the advance with the current lender. All mortgage companies require being first charge on any property and will not accept being the second charge.Gassing Station | Finance | Top of Page | What's New | My Stuff