Portable Mortgage Amounts

[Vron]

Hi

Can't find an answer in my (Woolwich) Mortgage terms and conditions but the question is if I transfer my mortgage to another property (it is portable) does anyone know if you can borrow more or do you just port the remainder of the loan?

Sorry a woolly question but there's no specific terms in my literature other than 'its portable providing I meet lending criteria'.

Ta

[Ungarsee]

Normal scenario is you port existing mortgage on existing rate and then all new borrowing will be on a rate available now. I work with a few good woolwich mortgage advisers so feel free to pm me if you want to speak to one

[Road Pest]

As above, the extra borrowing will be conditional to their lending criteria, earnings, LTV on new house, etc.

[scotal]

Vron said:

Hi

Can't find an answer in my (Woolwich) Mortgage terms and conditions but the question is if I transfer my mortgage to another property (it is portable) does anyone know if you can borrow more or do you just port the remainder of the loan?

Yes you can borrow more.
The new lending will not be on the same rate as your current borrowing, it will be taken from their current lending range.
The maximum loan to value will be governed by your current mortgage's lending limit and the LTV limit of your new borrowing.
The max loan will obviously be governed by your income.

[Vron]

I wish I hadn't been overpaying now as i've reduced my capital but unwittingly reduced the funding available to me at my current rate of base + 0.17%.

[northandy]

Vron said:

I wish I hadn't been overpaying now as i've reduced my capital but unwittingly reduced the funding available to me at my current rate of base + 0.17%.

I take it you have a standard repayment mortgage ?.

The reason I ask is I have a FD flexible mortgage, and even though i'm overpaying at the moment, I can take back out any capital repaid. So my original mortgage amount is the max I could port to a new house, not the remaining balance.

[scotal]

Vron said:

I wish I hadn't been overpaying now as i've reduced my capital but unwittingly reduced the funding available to me at my current rate of base + 0.17%.

Woolwich are a bugger for that, they'll happily lend you the overpayment back, at 4.99%.

[Rockatansky]

On a slightly related topic, if you were to 'port' your mortgate over to a new property is the lender liable to ask you about your circumstances again? (job status, income etc).

I ask because I'm in quite a different employment status to when the mortgage was granted, although my ability to pay (as well as my credit rating/history) is not affected.

[scotal]

Rockatansky said:

On a slightly related topic, if you were to 'port' your mortgate over to a new property is the lender liable to ask you about your circumstances again? (job status, income etc).

I ask because I'm in quite a different employment status to when the mortgage was granted, although my ability to pay (as well as my credit rating/history) is not affected.

Normally yes they will ask you to reconfirm everything.
If you salary is still good fo rthe mortgage, then no worries.

[Vron]

Just got off the phone to the Woolwich.

I can draw back my overpayments at no charge so I've arranged to do that and put into a savings account. This then increases my mortgage (which is what I want to do) at the rate of base +0.17. Even with the increased mortgage balance my monthly payment is still £200 over what I have to pay so I need to reduce that down too.

Not a massive amount of money - but worth doing to keep hold of as much of my Base + .017 mortgage as I can ready to port onto the new house