Hi,
Does anyone know how mortgage porting works for Nationwide when you are during the fixed period? We have 1 year left on our fixed mortgage and are looking to move to a more expensive house so will need to increase our borrowing.
Do they ignore the ERC and offer a completely new mortgage for the full amount or will they "top up" and keep the original term for the ported amount and a new term for the additional borrowing?
I have had a look around their website and I think it is the former but it is not clear what happens to the (very expensive) ERC we would have to pay if we paid back our mortgage in full to take a new one out.
Thanks for any help.
Does anyone know how mortgage porting works for Nationwide when you are during the fixed period? We have 1 year left on our fixed mortgage and are looking to move to a more expensive house so will need to increase our borrowing.
Do they ignore the ERC and offer a completely new mortgage for the full amount or will they "top up" and keep the original term for the ported amount and a new term for the additional borrowing?
I have had a look around their website and I think it is the former but it is not clear what happens to the (very expensive) ERC we would have to pay if we paid back our mortgage in full to take a new one out.
Thanks for any help.