Longer term fixed rate mortgages

[DanL]

Here’s one that someone will know the answer to (I hope!). I’m considering a 5 year fix for my next mortgage. There are clear penalties spelt out for each provider if I repay early… That’s not my query.

What happens if I want to move? Do / will they allow porting of the mortgage and I “just” need a top up with a second provider? Do I extend the current mortgage? Does it vary provider to provider?

Basically - what do I need to check when looking for the next, longer term, fixed deal?

[worsy]

DanL said:

Here’s one that someone will know the answer to (I hope!). I’m considering a 5 year fix for my next mortgage. There are clear penalties spelt out for each provider if I repay early… That’s not my query.

What happens if I want to move? Do / will they allow porting of the mortgage and I “just” need a top up with a second provider? Do I extend the current mortgage? Does it vary provider to provider?

Basically - what do I need to check when looking for the next, longer term, fixed deal?

Does it vary provider to provider?

Yes

Do I extend the current mortgage?

No, normally you would have a second separate account on the deal available at the time. The first one, if portable would continue.

Do / will they allow porting of the mortgage and I “just” need a top up with a second provider?

You would have to stay with the current provider

What happens if I want to move?

See above

[DanL]

Cheers! So, I’d need to extend the mortgage by taking a second one with the same provider, assuming the current provider agrees to move the current mortgage from property A to property B?

Or would I have to settle the whole thing and start anew, as I have in previous moves?

[worsy]

DanL said:

Cheers! So, I’d need to extend the mortgage by taking a second one with the same provider, assuming the current provider agrees to move the current mortgage from property A to property B?

Or would I have to settle the whole thing and start anew, as I have in previous moves?

Correct if they allow portability

otherwise your second sentence.

[RC1807]

You might be better off having a Mod move this to the finance section?

[Scrump]

RC1807 said:

You might be better off having a Mod move this to the finance section?

Moved